BUA Cement Plc has released its 2022 full-year financial statements, reporting a pre-tax profit of N120.1 billion.
This represents a 16.79% increase from the N102.87 billion the company reported during the same period in 2021.
Summarised below are the key takeaways from the financial statements.
Revenue
- 2022 FY: N360.99 billion
- 2021 FY: N257.33 billion
- Change: +40.13%
Gross Profit
- 2022 FY: N163.04 billion
- 2021 FY: N120.94 billion
- Change: +34.82%
Operating profit
- 2022 FY: N129.72 billion
- 2021 FY: N104.22 billion
- Change: +24.46%
Finance cost
- 2022 FY: N10.55 billion
- 2021 FY: N1.71 billion
- Change: +518%
Pre-tax profit
- 2022 FY: N120.15 billion
- 2021 FY: N101.01 billion
- Change: +16.79%
Net Profit after tax
- 2022 FY: N101.01 billion
- 2021 FY: N90.086 billion
- Change: +12.13%
The bottom line
The growth in pre-tax profits was due to the increase in sales of Bagged Cement products despite inflationary pressure and depreciation of the naira.
The revenue from bagged cement products accounted for 99.46 % of the total revenue achieved by the company during the period under revenue.
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