BUA Cement Plc has announced a profit after tax of N73.91 billion for the financial year ended December 31, 2024, representing a 6.4% increase from the N69.45 billion recorded in 2023.
Key Point: Despite a significant surge in revenue to N876.47 billion, up 90.5% from the previous year, BUA Cement's profit growth was moderated by a sharp rise in costs, particularly foreign exchange losses and finance costs.
The company's financial performance was marked by:
- Revenue growth of 90.5% to N876.47 billion
- Gross profit increase of 63.3% to N300.26 billion
- Foreign exchange losses surging to N92.1 billion, up from N69.96 billion in 2023
- Finance costs increasing by 201% to N60.04 billion
BUA Cement's total assets expanded to N1.57 trillion, up from N1.22 trillion in the previous year. However, its total liabilities also surged to N1.18 trillion, largely due to a rise in bank borrowings. The company declared and paid a total dividend of N67.73 billion to shareholders during the year under review.
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