By Cynthia Ezekwe
BUA Cement Plc. recorded 12 per cent profit for the financial year 2022 as its revenue increased from N97.079 billion to N101.01 billion amid the economic downturn in Nigeria.
The publicly listed firm and one of the top cement producers in Africa disclosed this in its 2022 audited financial statement, which showed that BUA earnings per share (EPS) from continuing operations rose to N2.98 from N2.66 delivered in the comparable year 2021.
According to the company’s audited financial report, the sales revenue printed at N360.989 billion from N257.327 billion reported in the financial year 2021.
The local sales of bagged and bulk cement accounted for 98.79 per cent of the aggregate revenue of N356.609 billion, while sales outside Nigeria generated N4.379 billion in revenue.
The cement company’s costs of sales jumped more than 41 per cent to N197.944 billion in 2022 from N136.390 billion in the comparable period; the gross profit also increased by 34.8 per cent to N163.044 billion in 2022, from N120.936 billion the previous year.
The audited statement also disclosed that the company’s distribution and selling expenses grew from N8.187 billion in 2021 to N18.811 billion 12-month after.
BUA cement administrative expenses also increased by 55 per cent to N17.299 billion from N11.158 billion in the previous year. The increase in the expenses line was driven by a rise in distribution costs, which increased from N4.125 billion in 2021 to N13.088 billion.
The company’s pre-tax income grew to N120.154 billion from N102.873 billion, while the company’s net finance costs increased to N8.611 billion from N1.085 billion in 2021.
At the end of the financial year 2022, BUA Cement Plc.’s total assets expanded by about 20 per cent year on year to N874 billion, up 12 per cent from N728.507 billion in 2021.
