BUA Cement, a leading cement manufacturer in Africa, Tuesday declared it recorded a total of N156.6billion in its 2020 third quarter (Q3) financial results for the 9-months ended, September 2020, despite the short downs occasioned by the COVID-19 pandemic.
The Q3, 2020 earning represents an increase of 21 per cent over the N129.4 billion it posted in the corresponding period of 2019.
Management of the firm, made the disclosure in its statutory filing to the Nigerian Stock Exchange (NSE).
According to the filing, BUA Cement’s Profit After Tax (PAT) also grew by 24 per cent to N53.57 billion from the corresponding period in 2019, due to a growing appreciation of cement product offerings.
Speaking on the result, alongside other activities undertaken during the quarter, Mr Yusuf Binji, managing director/CEO of BUA Cement, acknowledged the positive impact of a less than anticipated COVID-19 pandemic shock on the populace and economy; the expected resilience of the private sector and a short rainy season.
According to him, “this has been a very heartwarming and resilient performance, underpinned by the continued quality that characterises the BUA Cement product offerings as we see more end-users able to differentiate the attendant benefits of using our products. Expectedly, we witnessed a resurging demand from a resilient private sector – within and outside Nigeria, as the lockdown was eased, coupled with a short rainy season, despite flooding in some parts of Nigeria and Niger”.
“During the period, we fulfilled our commitment to build sustainable communities by successfully relocating community members from Gidam Bailu and Gidam Datti to Girabshi, a close-by settlement purchased and developed by BUA Cement in Sokoto State.