One of Africa’s largest cement producers BUA has posted N101.3bn revenue for the second quarter of 2020.
The company‘s profit after tax was N34.82bn, representing an increase of 12.7 per cent and 13.74 per cent in the corresponding period of 2019.
This was contained in a recent statement.
Speaking on the results, Yusuf Binji, Managing Director of BUA Cement, said the 2020 performance, despite the challenging operating environment occasioned by the COVID-19 pandemic, was a pointer to the value and strength of the BUA Cement brand and product.
He explained that the implementation of the company’s Business Continuity Plan, which ensured that BUA Cement was able to withstand the impact of the pandemic in the period under review was very remarkable.
“Our resilient performance continues to showcase the value and strength of our product offering alongside our strategic business model.
“Our revenues increased by 12.7 per cent to N101.3bn from the corresponding period in 2019 while operating profits increased by 7.0 per cent, from N38.1bn in H1 2019 to N40.8bn in H1 2020. Equally, EBITDA margin improved in this quarter to 48.1per cent – an improvement from 45.6 per cent in Q1, 2020.
“In a bid to further drive cost efficiencies and sustainability, we entered into strategic alliances for the supply of Liquefied Natural Gas at the Kalambaina, Sokoto State and the management of our mining operations.
“Given these deliberate and strategic choices amongst other cost management efforts, we continue to combine development and innovation into our offerings and activities,” Binji added.
On the impact of the pandemic on the business, Binji noted that despite the prevailing economic conditions, “we are quite optimistic about the future because it affords us not only with the opportunity to further evolve our business model but also provides an opportunity for accelerated development.”
