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BUA Cement Plc reports N101bn Profit After Tax for 2022 Financial Year

Friday, 24 February 2023, 10:52 pm
in Business, Companies
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BUA Cement Plc gives notification of Board Meeting and Closed Period
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BUA Cement Plc (NGX: BUACEMENT) has posted a profit of N101.01bn for the financial year ended 31st December, 2022.

The Abdul Samad Rabiu owned cement manufacturing company released its annual report and financial statements on Friday to the Nigerian Exchange and the investing public.

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The Board of Directors (“the Board”) recommended for the approval of shareholders a payment of N2.80k dividend per 1 ordinary share of 50 kobo each, out of the profits declared in the financial year ended 31 December 2022 (2021: N2.60k).

Analysis of Statement of Profit or Loss and Other Comprehensive Income

  • Revenue from contracts with customers: BUACEMENT earned N360.98bn revenue from its customers, this is 40.28% growth from the N257.32bn it earned in 2021. N359.07bn of the revenue was earned from the sale of bagged cement while N1.91bn was from the sale of bulk cement. Most of the revenue was earned in Nigeria; N356.60bn, while N4.37bn was earned from outside Nigeria.
  • Cost of Sales: The company spent N197.94bn on this, 45.13% more than the N136.39bn it spent in the preceding year. The majority of this cost was on Operations and maintenance service charges, which took N46.44bn, followed by Raw materials cost which took N24.98bn.
  • Administrative Expenses: N17.29bn was spent on Administrative expenses, 34.82% higher than the 11.15bn spent in 2021. N5.50bn foreign exchange loss and N2.95bn staff cost were the biggest items on this expense list. Donation and Security expenses with N1.07bn and N1.00bn respectively were the other big ticket items.
  • Selling and distribution expenses: N18.81bn was spent on selling and distribution of its products, more than double the N8.18bn it spent in the preceding year. The high jump in this expense was due to the extraordinarily high distribution cost. While it spend N4.12bn in distribution cost in 2021, it spent N13.08bn in 2022.
  • Profit before tax: A profit before tax of N120.15bn (2021: N102.87bn) was recorded in 2022, 16.80% Year-on-Year growth.
  • Profit after tax: The profit after tax grew from N90.07bn in 2021 to N101.01bn in 2022, a 12.14% increase.
  • Earnings per share: BUACEMENT posted an Earnings per Share of N2.98 for the period under review.

Analysis of Statement of Financial Position

  • Cash and cash equivalents: The cash and cash equivalent held by BUACEMENT as at December 2022 dropped by 22.93% from N62.33bn to N48.04bn.
  • Total Assets: The company’s assets went up by 19.97%, from N728.50bn as at 31st Dec. 2021 to N874.01Bn. Property, plant and equipment worth N669.01bn was the largest asset item for the company. Prepayment and other assets stood at N80.69bn, while Inventories was N52..46bn
  • Total Liabilities: The total liabilities rose by 40.11% to N462.89bn, from the N330.39bn liabilities on its books as at 31 Dec. 2021. The bulk of the liabilities was the company’s borrowings, with N113.93bn in non-current liabilities and N80..69bn in current liabilities. Contract liabilities and Trade and other payables stood at N92.16bn and N78.11bn respectively.
  • Shareholder’s fund: The shareholder’s fund grew by 3.26% from N398.11bn to N411.11bn as at 31 December 2022. The retained earnings, the major component of the Shareholder’s fund rose by 7.13% to N194.88bn.

Analysis of Statement of Cash Flow

  • Operating activities: BUACEMENT generated N149.57bn from operations (N198.95bn was generated in the preceding period).
  • Investing activities: It used N102.27bn in investing activities, most of which was used for the purchase of property, plant and equipment (N58.07n was used in the preceding period).
  • Financing activities: N61.62bn was used in financing activities, mostly principal repayment of borrowings (N214.50bn was used in financing activities in the preceding period).

Going Concern: The directors confirmed in the report that they have no doubt that the Company will remain in existence twelve (12) months after the statement of financial position date.

About the Company

BUA Cement Plc is a company domiciled in Nigeria. The Company was incorporated in Nigeria as a limited liability company on 30 May 2014 and commenced business in August 2015.

The Company was converted from a private limited liability company to a public limited liability company on 16 May 2019, as a prelude to a scheme of merger.

The Company later merged with the defunct Cement Company of Northern Nigeria Plc in a scheme of merger on 23 December 2019 and was listed on the Nigerian Stock Exchange on 9 January 2020.

The address of its registered office is 32, Churchgate Street, Victoria Island, Lagos.

The principal activities of the Company are manufacturing and sales of cement to the general public. These activities are conducted primarily in Nigeria.

With a combined installed capacity of 11mmtpa (Obu plant, 6mmtpa and Kalambaina plant, 5mmtpa), BUA Cement Plc is the largest cement producer in the North-West, South-South and South-East regions of the country and is currently the second-largest producer of cement in Nigeria with its commissioning of the 3 million mtpa, line-4 at Sokoto State in January, 2022.

The majority shareholder of the Company, Abdulsamad Rabiu CFR, CON is the Chairman of the Board of Directors and the ultimate owner of the Company.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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