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BUA CEMENT
News and analysis about BUA Cement
AbdulSamad Rabiu, Nigeria's second richest man and Chairman of BUA Cement and BUA Foods, has experienced a significant decrease in his net worth, dropping by $1.1 billion over the past 90 days.
The energy cost of cement manufacturers listed on the NGX rose by 140.66% in the first half of 2024 compared to the figure for the same period of 2023.
Just like other sectors, such as consumer goods and ICT, which have negatively been affected by the 2023 policy shifts, the industrial sector has not been left out.
BUA Cement released its 2024 second quarter results, revealing a pre-tax profit of N18.8 billion.
The Federal Executive Council (FEC) has approved the equalisation of the Okpella section of the Lokoja-Benin road and others for N120 billion to be financed by BUA Cement Plc under the tax credit scheme.
Despite sustaining profitability, unlike other sectors, particularly, the consumer goods, cement companies experienced a decline in profitability attributed to elevated foreign exchange costs and high-interest experiences.
This amount spent represents 46.36% of the total cost of sales of N514.349 trillion recorded by the cement firms during the period under review.
BUA Cement Plc has released its financial results for Q1 2024, marking yet another period of profit decline with a pre-tax profit down 39.97% to N21.286 billion, compared to N35.461 billion reported in Q1 2023.
Amidst economic challenges, the Nigerian stock market has showcased resilience, experiencing significant growth in the first quarter of 2024.
The year-to-date (YTD) return of the NGX All-Share Index shows its resilience, standing at an impressive 39.84%.
The NSE's NGX All-Share Index (ASI) saw an increase of 130.66 points, settling at 104,387.47 points compared to the previous close of 104,256.81 points.
Dangote Cement Plc, BUA Cement Plc, and Lafarge Africa Plc spent a whopping sum of N598.137 billion in fuel and power during the full year ended December 31, 2023.