BUA Cement Reports 90.5% Revenue Surge To N867.5bn, Declares N2.05 Dividend Per Share

BUA Cement Plc has reported a significant leap in its financial performance for the 2024 fiscal year, with revenue climbing by 90.5 percent to ₦867.5 billion, up from ₦460 billion in 2023.

The announcement was made during the company’s Annual General Meeting held on Monday, July 21, 2025.

The impressive topline growth was underpinned by a corresponding boost in profitability.

Profit before tax rose by 48.2 percent to ₦99.6 billion, compared to ₦67.2 billion in the previous year.

Profit after tax also recorded an uptick, increasing by 6.3 percent to ₦73.9 billion from ₦69.5 billion in 2023.

This performance comes amid a period of expansion and operational enhancements, which saw BUA Cement scale its production capacity and reinforce its commitment to operational efficiency and customer satisfaction.

During the financial year under review, BUA Cement commissioned two new production lines in Edo and Sokoto States, boosting its installed capacity from 11 million metric tonnes per annum (MMTPA) to 17MMTPA. In addition, the company commenced construction of a new 3MMTPA greenfield plant in Ososo, Edo State, reinforcing its long-term growth strategy.

The company also made considerable investments in its logistics infrastructure, procuring additional trucks to strengthen distribution efficiency. As part of its digital transformation drive, BUA Cement launched an online payment and product order platform, significantly reducing customer waiting times and improving overall user experience.

Managing Director and Chief Executive Officer, Yusuf Binji, described the company’s 2024 performance as a testament to its strategic clarity and execution discipline.

“As we reflect on our achievements in 2024, BUA Cement stands at the threshold of unprecedented opportunity, strategically positioned to address Nigeria’s persistent infrastructure deficit while delivering exceptional value to our shareholders. Our journey forward is anchored on four interconnected priorities that will define our success: optimise our production capacity, continue prudent debt management, expand our market presence in underserved regions, and embrace digital transformation across our operations,” he said.

Binji also reaffirmed BUA Cement’s commitment to its core values of Respect, Integrity, Commitment and Excellence, known by the acronym RICE, saying, “These principles, mirrored in every bag of cement we produce, ensure that trust is not just a promise but a measurable outcome.”

In his remarks, Chairman of the Board, Abdul Samad Rabiu, expressed satisfaction with the company’s sustained financial strength and unwavering commitment to shareholder returns.

“With a proposed dividend of ₦2.05 per share, representing a 94 percent payout ratio, we continue to demonstrate our strong commitment to shareholder returns, consistently distributing over 90 percent of our profits. This reflects both our confidence in the business and our sustained financial performance,” he stated.

Rabiu also acknowledged the support of the company’s shareholders, employees, partners, and customers, commending their loyalty, dedication, and trust. “Their support fuels the company’s ambition, inspiring it to continually strive for excellence,” he said.

One of the notable moments of the Annual General Meeting was the unanimous re-election of three retiring directors: Shehu Abubakar, who serves as an Independent Non-Executive Director; Finn Arnoldsen, a Non-Executive Director; and Khairat Abdulrazaq-Gwadabe, also an Independent Non-Executive Director.

Their reappointment reflects shareholders’ continued confidence in the leadership and governance of the company.

With strong fundamentals, strategic investments in expansion, and a focus on technology and customer satisfaction, BUA Cement appears well-positioned to deepen its market leadership and contribute meaningfully to Nigeria’s industrial and infrastructural development.