The cement company revenue increased by 19.33% year-on-year.
BUA Cement Plc, one of the leading Cement manufacturers in Africa declared in its audited financial statement, an 18.5% year-on-year growth in profit to N71.52 billion for the financial year of 2020, compared to last year’s figure of N60.34 billion.
The double-digit growth in profit was a testament to the cement maker’s focus on efficiency, excellent cost optimization strategies, newer technologically advanced plants, and lastly the strong growth in revenue which was driven by the rising demand for cement.
BUA Cement’s revenue expanded by 19.33% in 2020, this growth in revenue was the highest among other cement manufacturers in 2020, as the company’s revenue growth of 19.33% beats, Dangote’s 16%, and Lafarge’s 8.3% year-on-year growth.
The company in 2020 was able to increase its revenues by more than 19% to N209 billion, with sales volumes climbing up by more than 13%. This translates to about 600,000 tons to 5,100,232 tons in 2020.
BUA Cement Plc is Nigeria’s second-largest cement company, its impressive 2020 financial performance is a reflection of the continued value and strength of the brand and product offerings as well as a testament to the cement maker’s focus on efficiency, excellent cost optimization strategies, and newer technologically advanced plants.
All these ensured that BUA Cement was able to weather the storm from its operating environment in 2020, which was stirred by the COVID-19 pandemic.