BUA Cement Plc has reported a significant surge in its financial performance for the year ended December 31, 2024, with revenue nearly doubling and profit showing substantial growth. The company announced a revenue of N876.5 billion, a remarkable increase of 90.5% from the N460 billion recorded in 2023. This impressive topline growth was accompanied by a corresponding rise in profitability, with profit before tax increasing by 48.2% to N99.6 billion, up from N67.2 billion in the previous year. Profit after tax also saw an increase, rising by 6.3% to N73.9 billion from N69.5 billion in 2023.

During the review period, BUA Cement expanded its production capacity by inaugurating two additional lines in Edo and Sokoto States, increasing its total installed capacity from 11 million metric tons per annum (MMTPA) to 17 MMTPA. The company also commenced construction on a new 3 MMTPA greenfield production line in Ososo, Edo State, further solidifying its market position. Strategic investments in logistics, including the purchase of additional trucks, and the digitalization of payment and order processes with an online solution, were also key factors contributing to improved customer experience and operational efficiency.

Despite facing headwinds such as currency depreciation and a slow start to the year attributed to a price cut in late 2023, BUA Cement demonstrated resilience. The company's Chairman, Abdul Samad Rabiu, highlighted the commitment to shareholder returns, with a proposed dividend of N2.05 per share, representing a 94% payout ratio. He expressed confidence in the business's sustained financial performance and its ability to navigate a dynamic economic environment.

In its first quarter (Q1) 2025 results, BUA Cement continued its strong momentum, posting a profit before tax of N99.74 billion, a 368.58% jump compared to the same period last year. Net income soared by 351.45% year-on-year to N81.12 billion, exceeding the total net profit recorded for the entire 2024 financial year. This performance was driven by an 80.49% increase in revenue to N290.82 billion, coupled with efficient cost management and a significant reduction in foreign exchange losses. The company reported a substantial decrease in FX losses, from N10.06 billion in Q1 2024 to N837 million in Q1 2025, further boosting its bottom line.