BUA Cement Surpasses N870bn Revenue in 2024, Rises Above Naira Devaluation Challenges
Despite significant economic headwinds, including sharp currency depreciation and rising input costs, BUA Cement Plc recorded an impressive financial performance in 2024, with revenue soaring to N877 billion, up from N460 billion in 2023 nearly a 91% increase.
The company’s success, revealed during its 2024 annual report presentation in Abuja, reflects a blend of strategic foresight, aggressive cost management, and commitment to shareholder value, according to Chairman Dr Abdul Samad Rabiu.
He noted that profit before tax rose by 48.2%, reaching N99.63 billion, even as foreign exchange losses hit N93.9 billion due to the naira’s depreciation.
BUA Cement’s return on average capital employed grew to 15%, up from 10% the previous year, while earnings per share rose slightly to N2.18.
Rabiu attributed the strong results to increased dispatch volumes and disciplined pricing, noting that the company remained focused on cash flow stability by paying down import finance facilities and aligning interest payments with liquidity.
The board approved a dividend of N2.05 per share, reflecting a 94% payout ratio. “This is a reaffirmation of our confidence in the long-term performance of the business,” Rabiu said.
Managing Director and CEO Yusuf Binji added that 2024 tested the company’s resilience, especially as a N92.1 billion FX loss hit its balance sheet, largely from loans taken for expansion.
In response, BUA adopted a series of internal reforms from renegotiating service contracts to localising procurement aimed at reducing foreign exchange exposure.
Looking ahead, Binji announced the development of a 700 tons-per-day LNG regasification plant, which will ensure energy security and help hedge against volatility in global energy prices.
He also unveiled a roadmap focused on four pillars: optimising production, expanding into underserved regions, embracing digital transformation, and sustaining disciplined debt management.
As the company scales its operations with new production lines, BUA Cement is positioning itself not just as a market leader, but as a key player in Nigeria’s infrastructure transformation.
