BUA Cement



March 30, 2021

  • Revenue increases by 19.3% to N209.4 billion from N175.5 billion, as at FY2019.
  • Operating profit increases by 14.8% to N82 billion from N71.4 billion, as at FY2019.
  • EBITDA rises by 18% to N96.8 billion from N82.5 billion, as at FY2019; with EBITDA margin resilient at 46.2% (FY2019: 46.7%).
  • Profit after Tax increases by 19.4% (y/y) to N72.3 billion from N60.6 billion, as at FY2019.
  • Return on Equity rises by 1.5% points to 19.6% from 18%, as at FY2019.
  • EPS up 19.6% to N2.14 from N1.79, as at FY2019.

BUA Cement Plc, Nigeria’s second largest cement company has released its 2020 Full Year Audited Financial Results with the company declaring a Profit After Tax of N72.3billion representing a 19.4% increase over the corresponding period in 2019. BUA Cement’s revenues also grew to N209.4billion in 2020 from N175.5 billion, as at FY2019.

Providing valuable insights to the FY2020 financial performance alongside the operational activities for the year, Yusuf Binji, Managing Director/CEO of BUA Cement, highlighted the preparedness and positive impact the activation of the company’s Business Continuity Plan had on performance. He also emphasized the importance of product design and how BUA’s current offerings adequately cater to the cement needs of its customers, resulting in a sustained growing market acceptance. He added that it was even more noteworthy that significant milestones were attained despite the harsh economic conditions brought about by the pandemic.

“Undeniably, the challenges in 2020 have been unprecedented, given the outbreak of the Coronavirus and the disruption caused across homes, communities and organisations. Despite its lingering effect, we witnessed the best of humanity – resilience, as individuals and organisations sought for opportunities to support vulnerable communities, with BUA Cement playing a crucial role in cushioning its effect through its donations.

Supporting this resilient performance was our well instituted contingency plan, which ensured that we remained largely immune to economic disruptions such as: production, supply and distribution shocks resulting from the lock down; the observed shift by investors to alternative investment asset classes; and the low rain fall recorded during the year. More importantly, our product offerings played a vital role, with more customers being increasingly able to appreciate and differentiate how tailored our products are towards meeting their cement requirements, especially in terms of quality and product support, among other features.

This showcases the thought and dedication that is deeply engraved into our product design processes, with the customer’s need at the centre of everything we do.

Our performance for the year 2020 witnessed a 13.3% rise in cement dispatched to 5.1mmt, which resulted in a 19.3% rise in revenues to N209.4 billion; along with an 18% rise in EBITDA to N96.8 billion from N82 billion, as at FY2019. EBITDA margin remained resilient at 46.2%; nevertheless, we expect margin expansion, resulting from performance growth and efficiency gains.

Driven by the need to prioritize efficiency led by innovation, a continued focus on cost containment measures and despite the devaluation of the Naira, which impacted pricing of some input costs, operating profit increased by 14.8% to N82 billion. Consequently, Profit after Tax (PAT) increased to N72.3 billion.

In line with our goals to become the leading cement manufacturer with significant eco-friendly footprints, we set out key strategic targets to enhance growth and transform our operational processes towards a cleaner and more efficient company. We are delighted to have achieved a significant number of these set targets including the construction of the Kalambaina line-3, where we remain on course to commission the plant in 2021”.

  1. Financial Highlights


Table 1: Performance Highlights

Metric FY 2020 FY 2019  
Volume (kt) 5,100 4,501 13.3%
Revenue (N’m) 209,443 175,518 19.3%
EBITDA (N’m) 96,766 81,985 18.0%
EBIT (N’m) 82,022 71,428 14.8%
EBITDA margin 46.2% 46.7%
PBT (N’m) 78,873 66,225 19.1%
PAT (N’m) 72,344 60,610 19.4%
EPS (N) 2.14 1.79
ROAE[1] 19.6% 18%
Leverage[2] 1.7x 1.4x

[1] Net profit divided by average total equity

[2] Average total asset divided by average total equity



Audited Full Year Financial Result and Conference Call

BUA Cement Plc will host a conference call for investors and analysts, on 8 April, 2021 at 14:00 hrs. (New York: 09:00, London: 13:00hrs and Johannesburg: 15:00hrs) to discuss its 2020 Full Year Audited Financial Results, which can be downloaded here. Also, the presentation for the conference call will be made available, an hour before the call and can be downloaded here.

To participate, kindly click this link to register and join the conference via telephone and this link to join the conference via webcast. Participants via webcast are to “Click the “Join Meeting” button and complete the registration form.


About BUA Cement Plc

BUA Cement Plc is Nigeria’s second largest cement company and the largest producer in its North-West, South-South and South-East regions; with a combined installed capacity of 8 mmtpa and with plans underway to increase existing capacity to 11 mmtpa, through the commissioning of a new 3 mmtpa plant in 2021 at Sokoto State, Nigeria. BUA Cement operates strategically from Okpella, Edo State and Kalambaina, Sokoto State.

Currently, the fourth most capitalised company of the Nigerian Stock Exchange (NSE). BUA Cement is committed to quality – a differentiating attribute, driven by its people, innovation and technology; and positioned to solving Nigeria’s cement under capacity while driving economic growth and development.



Share this Post