BUA Cement Plc reports profit after tax of N69.45 billion for the financial year ended December 2023

Date:

March 1, 2024.

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Azonuchechi Chukwu.

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.

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

According to BUA, the foreign exchange loss capitalized relates to “the portion of the exchange losses arising from foreign currency borrowings eligible to be capitalized as part of the borrowing costs for capital projects” under construction.

BUA Cement’s foreign loan is estimated at $291.1 million and is a 9-year term loan granted by IFC and other lenders (African Finance Corporation, African Development Bank, and Deutsch Investitions-) on 27 April 2023.

There is a moratorium on principal repayments until 2025 and interest is payable semi-annually at a variable interest rate of 6-months term SOFR+5.5%. The facility will mature in December 2032.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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