Abdul Samad Rabiu, Chairman of BUA Cement Plc, says the company’s ongoing projects will on completion in 2023 increase its installed capacity to 17 million metric tonnes per annum, thereby solidifying its position in the Nigerian cement industry, as well as position it to take advantage of export opportunities.
He spoke at the Annual General Meeting in Abuja on Wednesday, where shareholders approved a total dividend payout of N88.047bn for the financial year ended December 31, 2021, translating to N2.60 per ordinary share of 50 kobo.
This approval, the company said, comes on the back of a strong financial performance in the year under review that showed revenue growth of 22.9% from N209.4bn in 2020 to N257.3bn in 2021; while profit after tax rose by 24.5% to N90.1bn in the year under review.
Commenting on the performance, Samad Rabiu assured the shareholders, “our performance in 2021 gives credence to our sound business model, value proposition, and the excellent team who responded to the challenges and opportunities that were confronted in the year under review.
“In the meantime, the BUA Cement brand continues to grow stronger in the marketplace. Our aim is to invest more in the cement industry until Nigeria is self-sufficient, and cement is readily available, accessible, and affordable for all Nigerians. We expect to continue this excellent performance for the foreseeable future,” he stressed.
Also speaking at the event, Engr Yusuf Binji, Managing Director, of the company, reaffirmed BUA Cement’s commitment to prioritizing excellence across all areas of business, and product quality whilst ensuring sustainability in its operations.
He added that when the installed capacity of the company increases by 2023, BUA Cement “will be better positioned to increase existing export volumes and, in the process, take advantage of some of the benefits of the African Continental Free trade Area”.
Binji also noted that as part of its sustainability initiatives, BUA Cement Plc remains operationally conscious, socially engaged, and economically involved. During the year under review, BUA Cement made significant progress on a cleaner energy mix through its transition from Heavy Fuel Oils to Liquefied Natural Gas in its Sokoto plants. The company completed the installation of a 50MW gas power plant together with the modification of its kilns to enable the use of LNG in the pyro process to reduce BUA Cement’s carbon footprints leading to the full substitution of foreign coal with LNG.