BUA Cement Plc has said its profit after tax rose by 19.4 per cent to N72.3bn at the end of 2020 financial period, from N60.6bn in the corresponding period of 2019.
In a statement on its 2020 full year audited financial results titled ‘BUA Cement Plc revenues hit N209.4bn in FY2020 audited results’ on Wednesday, it said its revenues also rose to N209.4bn in 2020 from N175.5bn in 2019.
It disclosed that its operating profit increased by 14.8 per cent to N82bn from N71.4bn as of 2019, while its return on equity rose by 1.5 per cent points to 19.6 per cent from 18 per cent, as of 2019.
Speaking on the performance, the Managing Director/Chief Executive Officer, BUA Cement, Yusuf Binji, stated that the activation of the company’s business continuity plan had positive impact on the performance.
He also emphasised the importance of product design and how BUA’s current offerings adequately catered to the cement needs of its customers, resulting in a sustained growing market acceptance.
Significant milestones were attained despite the harsh economic conditions brought about by the pandemic, he said.
Binji said, “Undeniably, the challenges in 2020 have been unprecedented, given the outbreak of the coronavirus and the disruption caused across homes, communities and organisations.