BUACEMENT Declares N60.6bn PAT in 2019 Audited Results, Proposes N1.75k Dividend;(SP:N31.80k)

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Wednesday, May 20, 2020 / 12:21 PM / by NSE / Header Image Credit: Twitter; @BUAgroup


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BUA Cement Plc released its 2019 Audited results for the period ended December 31st, 2019.


Key Highlights

  • Revenue grew by 47.5% to N175.5bn from N119bn in the previous quarter.

  • Profit before tax grew by 69.1% to N66.2bn.

  • Profit after tax declined by 5.4% to N60.6bn. 

  • Net Assets grew by 17.8% to N363.7bn from N308.6bn.

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Press Release from BUA Cement Plc 

BUA Cement released its audited financial result for 2019. Please find below excerpts from the press release; along with an attachment of the press release statement. 

 

Financial Highlights 

  • Revenue increases by 47.5% from N119.01 billion in 2018 to N175.52 billion in 2019
  • EBITDA rises 47.2% from N55.70 billion in 2018 to N81.99 billion in 2019
  • EBITDA margin flat at 47.0%, arising from entry into 'new markets'
  • Operating margin (EBIT) is up 4.71% points from 36.0% in 2018 to 40.7% in 2019
  • Profit before Tax (PBT), up 69.1% from N39.17 billion in 2018 to N66.24 billion in 2019
  • Profit after Tax (PAT), down 5.40% from N64.07 billion in 2018 to N60.61 billion in 2019, due to a tax credit of N26.76 billion in 2018  from pioneer status incentive (3-years) granted on Obu line-1 in 2019, reversing previous tax provision for the years

 

Speaking on the result, the Managing Director, Yusuf Binji gave further insights into the performance of the Company: 

"Despite the complexities and uncertainty that trailed the economic environment in 2019, we delivered on important strategic priorities, such as: the commissioning of our 3mmtpa Line-2 at our Obu Plant in March, 2019; the merger completion between CCNN Plc and Obu Cement Company Limited and commenced the listing process of BUA Cement Plc, the resultant entity of the merger on the floor of the Nigeria Stock Exchange (NSE), with the eventual delisting of CCNN Plc.

 

Through the adoption of a focused and disciplined approach, we continue to record strong revenue growth, even as we derive revenue and cost synergies from the merger across: pricing, scale and operational efficiencies; all supported by a sustainable business model and a value-oriented strategy, which have translated to growing market acceptance and is reflective in our margins.

 

Going forward, our focus is to further harness the full benefits of the merger while making further in-roads to "new markets" both locally and outside Nigeria. We understand that the local and indeed the global economy would experience more uncertainties, yet we expect continued strong showing across the business, spurred-on by continued recovery across the global economy".  


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