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Business News

Cement price hike: No plans to increase price – BUA

BUA Cement, Nigeria’s second-largest cement maker, has debunked claims that it plans to increase the price of cement.

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BUA Cement pays N129 billion in 3 years

BUA Cement, Nigeria’s second-largest cement maker, has debunked claims that it plans to increase the price of cement.

The company disclosed this in a statement on Sunday. This comes after reports that costs of building material have risen by over 60% in one year.

BUA revealed that the current supply levels of cement were not sufficient to meet the increased demand, adding that any increase would be paid by the customer at the retail end.

READ: BUA explains why price of cement, sugar remains high

“We are very much aware that there is a huge difference in the ex-factory prices of cement and the retail market prices of cement, which is mostly because of retailers taking advantage of increased cement demand to make maximum profits.

Timing is not right for any increase in the price of major commodities. There are no further arbitrary increases in the retail price of cement,” they stated.

READ: Dangote: Cement price from our factories is between N2,450 and N2,510 per bag, VAT inclusive

What you should know 

  • Recall Nairametrics reported that the cost of cement, steel, tiles and plaster of Paris (PoP) cement, among others had risen by over 60% between March 2020 and March 2021.
  • Dangote Cement increased from N2,600 to N3,800 (though it is sold at N3,600 in some areas in Lagos), Lafarge Cement and BUA Cement increased from N2,400 and N2,250 to N3,600 and N3,250 respectively within the same period.
  • In the South-East states of Abia, Anambra, Ebonyi, Enugu and Imo, prices of cement have risen by 67%.

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Corporate Press Releases

Unilever holds 96th AGM, declares N62bn Turnover

According to the Company’s financial report, there was a 2.4 per cent year-on-year increase in revenue from N60.8 billion to N62 billion in the year under review.

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Leading consumer goods producer, Unilever Nigeria Plc has declared a turnover of N62 billion for the financial year ended December 2020, even as the Board assured shareholders of their commitment to good corporate governance to drive sustainability and efficiency across the Company’s operations.

Addressing shareholders at the 96th Annual General Meeting of the Company, the Chairman of the Board, His Royal Majesty, Nnaemeka Achebe commended the shareholders for their trust and loyalty to the Company despite the challenges posed by the COVID-19 pandemic in the year under review. He added that the Company will remain strategic in its approach to attaining sustainable growth and profitability.

According to the Company’s financial report, there was a 2.4 per cent year-on-year increase in revenue from N60.8 billion to N62 billion in the year under review. The increase was driven by 7.3 per cent year-on-year growth in its food products, which was slightly offset by a 3 per cent revenue drop in the home and personal care segments. These results reflect a challenging operating environment

Speaking on the results, The Chairman, Board of Directors, Nnaemeka Achebe, stated that even though 2020 was a year of significant disruptions and volatilities impacting the operating environment, Unilever Nigeria continues to build its resilience to navigate the impact of headwinds.

Achebe added that the company remains focused on its strategy to deliver sustainable growth both in the medium and long-term riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories.

“We continue to monitor the business environment and respond appropriately to volatilities in the operating environment as well as disruptions from the Covid-19 pandemic,” he said.

In compliance with the Federal and State government directives on social distancing as part of measures to reduce the spread of the coronavirus, this year’s AGM was hybrid with most of the shareholders joining virtually.

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Business News

FG’s latest COVID-19 restrictions do not affect our operations – Airlines

Airline operators have disclosed that the Federal Government’s latest COVID-19 announcement does not affect their operations.

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Boeing 737 Max Air, Boeing 737 MAX crash: Victims’ families to get N52 million compensation fee  , Global Air passenger slump to persists til 2023- Moody’s 2023- Moody’s

Airline operators have disclosed that the Federal Government’s latest COVID-19 announcement does not affect their operations.

One of them, Air Peace Limited, informed its patrons via its Twitter handle that its operations are still intact despite the lockdown restrictions.

It tweeted, “Be informed that the latest COVID-19 announcement by the Federal Government does not affect our flight operations for now, as we’re still servicing our regular routes.

We’ll keep you posted via our social media platforms as new updates on this emerge.”

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