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BUA CEMENT
News and analysis about BUA Cement
The NGX market capitalization witnessed a significant increase, soaring by an impressive N1.85 trillion to settle at N55.89 trillion, by the end of the first trading day of the week.
BUA Cement Plc reported a profit after tax of N69.45 billion for the financial year ended December 2023, representing a 31.2% decline year-on-year.
The Federal Government says that it has called for an urgent meeting with cement manufacturers over the escalating cost of the product in recent times.
Nigeria’s billionaire investor, Abdul Samad Rabiu saw his two flagship companies BUA Cement and BUA Foods post a net capital gain of N2.3 trillion in 2023.
After a relatively quiet week of trading, trading began this week in the NGX in turbulent fashion as the All-Share Index declined by 0.66% to close at 70,946.83 points.
Unlike other companies, especially those in the consumer goods sector, cement producers have shown resilience in the face of foreign exchange losses, maintaining profitability in the first nine months of the year.
Investor confidence in BUA Cement has seen a continuous upswing, with the share price surging by 12.55% over the past week, reaching an all-time high of N105.80 on October 13, 2023
BUA Cement had raised consumer expectations, but as of now, the reduced pricing has yet to trickle down to the primary markets, with the product still retailing at the old price between N5,300 and N5,500 in Lagos.
BUA Cement Plc has announced that it will commence its reduction of cement prices to N3,500/bag effective tomorrow, October 2nd, 2023.
BUA Cement Plc has announced plans to reduce the price of cement in Nigeria from the present N5,500 to between N3,000 to N3,500.
The All-Share Index (ASI) traded 0.30% lower to close at 68,082.11 index points as against 68,286.28 index points recorded in the previous day’s trading session.
Nigeria's economy and businesses face ongoing challenges stemming from exchange rate unification, Naira floatation, and fuel subsidy removal, impacting sectoral performance - financial stability and corporate operations.