BUA Cement Plc has declared an increase in revenue by 19.3 per cent to N209.4 billion profit for the year 2020.

The Chairman, Board of Directors of BUA Cement Plc, Alhaji Abdul-Samad Rabiu disclosed this at the 5th Annual General Meeting of the company in Abuja on Thursday.

He said the profit for 2020 increased from N175.5 billion that was realised in 2019.

“While revenue grew by 19.3 per cent in the year under review, the volumes rose to 5.1 million tonnes, EBITDA increased by 18.0 per cent to N96.8 billion from N81.9 billion in 2019.

“With EBITDA margin being resilient at 46.2 per cent, we also recorded 19.4 per cent growth in Profit After Tax (PAT) to N72.3 billion and 19.6 per cent rise in Earnings Per Share (ESP) to N2.14 from N1.79 as at 2019”.

“In view of our sustained performance, the board has recommended for your approval a dividend of N2.067 per ordinary share,” he announced.

Meanwhile, Rabiu also disclosed plans to inaugurate additional production lines to raise the firms’ current cement capacity of 11 metric tonnes per annum in 2021 to 20 metric tonnes per annum by 2022.

He said in addition to new lines to the existing ones, BUA board believed it was a strategy to taming insatiable and sustained demand for cement, which had led to exorbitant prices to detriment of builders and potential homeowners.

Rabiu told shareholders that efforts were on for the inauguration of Kalambaina line-three.

According to him, the new line will add three million tonnes per annum to the existing eight million tonnes in 2021.