Wednesday, May 20, 2020 / 12:21 PM / by NSE / Header Image Credit: Twitter; @BUAgroup
BUA Cement Plc released its 2019 Audited results for the period ended December 31st, 2019.
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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.
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".