BUA Cement Plc reported a surge in revenue and profits during its Annual General Meeting, signaling robust growth amid strategic expansions aimed at bolstering Nigeria’s infrastructure and shareholder value. The company’s revenue more than doubled year-on-year to ₦876.5 billion ($704 million) in 2024, up from ₦460 billion ($370 million) in 2023. Pre-tax profit climbed 48.2% to ₦99.6 billion ($80 million), while post-tax earnings rose 6.3% to ₦73.9 billion ($59 million), underscoring improved operational efficiency despite economic headwinds.
Key to this performance was the commissioning of two new production lines in Edo and Sokoto States, raising installed capacity by 55% to 17 million metric tons per annum (MMTPA). A groundbreaking ceremony also marked the start of construction for an additional greenfield 3 MMTPA plant in Ososo, Edo State—a project set to elevate total capacity to 20 MMTPA by completion. Alongside infrastructure investments, BUA Cement enhanced logistics with new truck fleets and streamlined customer transactions through a digital payment platform, reducing wait times and boosting service quality.
Yusuf Binji, Managing Director and CEO, outlined a four-pillar strategy for sustained growth: optimizing production, prudent debt management, expanding into underserved markets, and accelerating digital innovation. “We are strategically positioned to address Nigeria’s infrastructure gap while delivering shareholder value,” Binji affirmed, emphasizing the company’s commitment to its RICE principles—Respect, Integrity, Commitment, and Excellence—embedded across operations.
Chairman Abdul Samad Rabiu highlighted shareholder returns, proposing a dividend of ₦2.05 per share, equivalent to 94% of profits. “This reflects our confidence in the business and its financial resilience,” he stated, acknowledging stakeholders’ contributions to the firm’s success. Shareholders unanimously reelected directors Shehu Abubakar, Finn Arnoldsen, and Khairat Abdulrazaq-Gwadabe, reinforcing governance continuity.
As Nigeria’s second-largest cement producer, BUA Cement dominates the North-West, South-South, and South-East regions. Listed among the Nigerian Exchange Group’s top capitalized firms, it aims to bridge the nation’s cement demand-supply gap while supporting broader economic development through innovation and scalable solutions. With expansion projects on track, the company remains a critical player in Africa’s construction sector, aligning industrial growth with community impact.
