BUA Cement Plc reported a profit after tax of N69.45 billion for the financial year ended December 2023, representing a 31.2% decline year-on-year.
The year-on-year reduction in profits was largely due to a foreign exchange loss of N69.95 billion—an increase from N5.50 billion recorded in 2022.
Like most manufacturing companies in Nigeria, BUA Cement experienced profit declines as a result of the impact of the naira’s depreciation following the reunification of the exchange rate announced mid-last year.
Key highlights
- Revenue N459.99 billion from N360.98 billion in 2022, +27.75% YoY
- Gross profit N183.95 billion from N162.60 billion in 2022, +13% YoY
- Operating profit N74.69 billion from N129.71 billion in 2022
- Profit after tax N69.45 billion from N101.01 billion in 2022, –31.2% YoY
- EPS N2.05k per 50k share from N2.98k in 2022
- Dividend Announced N2 per share versus N2.8 per share
- Outstanding Shares 33.8 billion shares
Despite the profit drop, BUA Cement’s Share price closed flat at N150 per share.
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