Corporate Results | |
Corporate Results | |
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Monday, June 08, 2020 / 11:56 AM / Header Image Credit: BusinessDayNG
BUA Cement Plc released its
Q1 2020 Unaudited results for the period ended March 31st, 2020.
Key Highlights
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One of
Africa's leading cement manufacturers, BUA Cement Plc, has announced a 25.1%
increase in revenue of N54.0billion in its financial results for the first
quarter ended March 31, 2020. BUA Cement's profit before Tax (PBT)
increased by 15.7% from N17.4 billion, as at Q1'2019 to N20.1 billion in
Q1'2020 while Profit After Tax (PAT) in Q1 2020 stood at N19.8 billion - a
26.2% increase of from N15.7 billion in Q1'2019. This was contained in a filing
on the Nigerian Stock Exchange today.
Speaking on
the results, the Managing Director/CEO of BUA Cement Plc, Yusuf Binji said the
excellent performance in the Q1 financial results amid the outbreak of the
COVID-19 pandemic is yet another landmark of the company since its listing on
the Nigeria Stock Exchange. The company's performance was buoyed by an increase
in production capacity from 5million metric tonnes at the end of Q1'2019 to
8million metric tonnes currently; its strong product differentiation strategy
which translates to an increasing appreciation of BUA Cement product offering
and a growing distribution network across existing and new markets.
Binji said: "The turn of the year witnessed the achievement of yet another milestone, with
the completion of listing requirements of the Nigerian Stock Exchange (NSE),
emerging the third-most capitalised company on the exchange; with a market
capitalisation of N1.2 trillion ($3.3 billion) and the de-listing of the shares
of CCNN Plc. Subsequently, BUA Cement was included as a constituent of the MSCI
frontier market index in February.
"Undoubtedly,
the outbreak of the COVID-19 pandemic will have broader ramifications to the
world and indeed the world economy, even as governments institute measures to
curtail further spread of the virus. Nationally, Nigeria has not been immune to
the wave of the virus; with the government instituting safety measures whilst building
capacity, in preparedness for possible high number of cases.
"In response
to the global pandemic, we implemented our "COVID business continuity program",
built into our corporate governance framework. This minimises disruptions along
the value chain; prioritises the safety of workers and customers; and assesses
probable scenarios a prolonged lockdown would have on the business.
"Clearly, our
strong-showing epitomises the effect of further growth in output but most
importantly, a growing appreciation of the value and service offering we
continue to afford customers in the market place: with sales revenue increasing
by 25.1% (y/y) to N54 billion. We continue to anticipate changes to customer
and market behaviour, aimed at further strengthening our value model, even as
we continue our push into 'new markets'.
"As the
COVID-19 virus makes landfall, we believe the current measures in place, should
help minimise plausible downside risks; nevertheless, poised to take advantage
of an upturn in market activities". Binji added.
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