Goddy Egene
Shareholders of BUA Cement Plc, one of Africa’s largest cement companies, last week approved the N70 billion dividend recommended by the board of directors for the year ended December 31, 2020.
The dividend payout which translated to N2.067 per share was endorsed at the company’s annual general meeting (AGM) held in Abuja.
The company had ended the year with a turnover of N204 billion and profit after tax of N72.3 billion.
Speaking at the AGM, Chairman of BUA Cement, Abdul Samad Rabiu, hailed efforts of the management, staff, and customers of the company for ensuring that BUA Cement remained the cement of choice for quality in Nigeria.
In his comments on the increased demand for cement which had led to higher retail prices despite significantly lower ex-factory prices, Rabiu canvassed more investments in the cement industry, saying that current national production levels across were not enough to meet the ever-increasing national demand for cement which was increasing at a rate over three million metric tonnes per annum.
He therefore, canvassed new investments in the cement sector and encouraged other investors to develop new cement plants.
According to him, BUA Cement is constructing a 3.0 million metric tonnes factory in Sokoto, which is expected to come on stream in by the end of 2021 with new plants already in the works.
In his comments, Managing Director of BUA Cement Plc, Yusuf Binji, said the company was committed to remaining a value–driven, oriented company that prioritizes excellence and product quality. He also added that the company was well-poised to sustain current profitability despite the very competitive landscape.
“Our value proposition in terms of product and service support offerings has positioned BUA Cement as a market leader. In addition, we continue to prioritize innovation and continuous improvement, thereby ensuring the continued “fit” of our products to ever-changing customer demands and needs. We are also investing in the latest plant designs which not only drive efficiency but translate into value addition to our customer through the cost savings derived,” he said.
BUA Cement Plc is Nigeria’s second largest cement company and the largest producer in its North-West, South-South, and South-East regions; BUA Cement operates strategically from Okpella, Edo State and Kalambaina, Sokoto State.
