BUA Cement Declares N876.5bn Revenue in 2024FY

Kayode Tokede  

BUA Cement Plc has released its full year 2024 audited financial statements and accounts, which showed the company doubled its revenue from N460 billion to N876.5 billion in 2024. 

Furthermore, the company recorded a profit before tax of N99.6 billion, up from N67.2 billion and a profit after tax of N73.9 billion, up from N69.5 billion in 2023, despite its “slow” start to the year, along with the very challenging economic environment.

Additionally, given the currency volatility recorded in 2024, the company was not totally immune to its effect – a general trend witnessed among other companies, as a realised foreign exchange loss of N92.1 billion was reported, which the management attributed to loans obtained for its production expansion drive before the devaluation of the Naira.   

Speaking on the overall performance, the Managing Director/ CEO, BUA Cement, Mr. Yusuf Binji said: “Indeed, we are pleased with this performance because of the various headwinds we had to contend with from the turn of the year. More notable was the further depreciation of the Naira, which impacted our cost profile – operating and financing, and our slow start to the year. Our slow start was due to the customer backlog resulting from the October 1, 2023, price cut, which delayed our ability to adjust pricing amid the Naira’s depreciation.  

“In spite of the slow start, our quality and support offerings continue to endear us to customers, enabling us to surpass our volume figures for 2023 and attaining a record high. To address the issue of rising costs, we have adopted certain measures. I am confident that the benefit of the measures taken will record positive outcomes from 2025.”

 Speaking, the Chief Financial Officer, Chikezie Ajaero said: “We reported a strong performance if one considers how the year evolved and challenges encountered, especially the currency volatility during the first half of 2024. Still, we were able to double net revenue from N460 billion in 2023 to N876.5 billion and grew profit before tax to N99.6 billion from N67.2 billion in the preceding year.”