By Charles Abuede
* PAT up 13.47% to N34,82bn
In its financials for the first half filed with the Nigeran Stock Exchange, the cement manufacturer said it recorded the sum of N46.74 billion as gross profit for the period under review. This figure represents a N2.45 billion increase from the N44.29 billion recorded as at the end of the first half of 2019, while its profit before tax for the period ended June 2020 was N39.2 billion against the N35.66 billion recorded during the previous year’s first half.
Other details in the BUA Cement’s financial record show that for the final three months in H1 or second quarter of 2020, the cement manufacturing company made N47.3 billion in revenue, a 1.2 per cent or N560 million rise from the N46.73 billion recorded during the final three months of H1 2019.
In the same vein, the profit before tax for the period experienced a surge by N600 million to N18.9 billion from N18.3 billion in H2 2019.
Meanwhile, the gross profit for the period declined to N22.3 billion in Q2 2020 from N23.2 billion in the corresponding period of 2019; as well as the profit after tax falling by N1.26 billion to N14.87 billion from N16.13 billion respectively.
Yusuf Binji, managing director of BUA Cement, while speaking on the result, said: “the continued impressive performance in 2020 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 offerings.
“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. We will continue to push to new markets aided by a focused distribution strategy,” the MD said.
Frontpage November 28, 2019