Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

live feed

BUA Cement declares N16.95 billion as profit in Q4 2020

BUA Cement Plc posts N16.95 billion profit in Q4 2020, 2.34% lower than 2019 figures.

Published

on

BUA group, NPA Decommissioning of Port Harcourt Terminal: We'll vigorously defend, protect our rights - BUA Group, NPA and BUA Group dispute to affect 1000 jobs, $500,000 monthly revenue, Terminal closure: BUA clears air on NPA’s claims , Forbes 2020 world’s richest rankings released: Only 4 Nigerians make exclusive billionaires list, BUA reacts to CACOVID, says it took initiative as members failed to reach an agreement

BUA Cement Plc in its recently released quarterly filings has revealed that the cement manufacturing company made a profit of N16.95 billion in the last quarter of 2020.

This is according to the information and figures contained in the company’s unaudited result, which was published on the website of the Nigerian Stock Exchange (NSE).

The Cement company’s unaudited financial statements for Q4 2020, revealed that the profit which BUA Cement made in the final quarter of 2020, was 2.34% lower than the profit it made in the corresponding quarter of 2019, as the company’s profit after tax declined from over N17.35 billion to N16.95 billion.

Key Highlights

  • Revenue increased to N52.92 billion, up by 14.83% Y-o-Y.
  • Cost of sales increased to N29.22 billion, up by 9.16% Y-o-Y.
  • Gross profit increased to N23.70 billion, up by 22.68% Y-o-Y.
  • Other income decreased to N1.91 billion, down by 19.18% Y-o-Y.
  • Selling and Distribution Costs decreased to N3.03 billion, down by 13.64% Y-o-Y.
  • Administrative expenses decreased to N2.44 billion, down by 44.76% Y-o-Y.
  • Operating profit of N20.15 billion was recorded, indicating an increase of 14.98% Y-o-Y.
  • Finance costs decreased to N565.29 million, down by 61.63% Y-o-Y.
  • Profit before tax increased to N19.58 billion, up by 22.01% Y-o-Y.
  • Profit for the period however decreased to N16.95 billion, down by 2.34% Y-o-Y.

What you should know

It is important to understand that the effective mix of revenue optimization and cost minimization strategies deployed by the company were responsible for the improved performance of the company, as revenue increased by 14.8%, while costs from administrative activities as well as distribution and marketing during the period under review declined significantly.

This was responsible for the 14.98% boost in operating profit. It is important to note that the cost-effectiveness of BUA Cement is largely hinged on its relatively new cement production plants, which continue to operate at optimal levels thus reducing costs coming from operations.

BUA Cement did well in the fourth quarter of 2020, however, impairment write-back of N3.76 billion as well as a tax credit of N1.31 billion which the company stated in its Q4 2019 results drove its profit to N17.4 billion. In the absence of these provisions, the company would have made a profit of about N12.3 billion, 27.5% lower than Q4 2020 figures (N16.95 billion).

Hotflex

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

2 Comments

2 Comments

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Company Results

    Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

    Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

    Published

    on

    Focus: This small-cap oil company is seriously lagging behind

    Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

    • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
    • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
    • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
    • No dividend announcement was made in their press release.
    • The company share price of N0.30 unchanged YTD.

    See link to results here

    Continue Reading

    Company Results

    Conoil posts 23% post-tax profit decline in 2020 FY results

    Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

    Published

    on

    Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

    • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
    • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
    • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
    •  No dividend announcement was made in their press release. 
    • The company share price of N20.85, up +0.72% YTD. 

    See link to results here

    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.