BUA Cement to Pay N1.75 Dividend from N61bn Profit in FY’19
By Dipo Olowookere
Shareholders of BUA Cement will receive a dividend of N1.75 for every unit of the company’s stocks in their possession.
The cash reward is for the 2019 accounting year and it would be paid electronically to beneficiaries on October 23, 2020.
In a notice from the firm, the qualification date for the BUA Cement dividend is September 25, 2020, while the closure of register is from September 28 to October 2, 2020.
On October 22, 2020, the company will hold its Annual General Meeting (AGM) at the Transcorp Hilton Hotel Abuja at 11am.
In the reporting year, the cement company grew its revenue to N175.5 billion from N119.0 billion, buoyed by sales of bagged cements from Nigeria, which is the firm’s main market.
An analysis of the results by Business Post revealed that BUA Cement recorded an improvement from the sale of cements outside the country last year. Its ‘overseas’ sales grew to N5.1 billion from N2.9 billion in the 2018 financial year.
In the period under review, the cost of sales of BUA Cement increased to N93.1 billion from N59.1 billion, while the gross profit rose to N82.4 billion from N60.0 billion.
In the year, the administrative expenses decreased to N10.5 billion from N12.5 billion, while distribution and selling expenses increased to N11.9 billion from N6.1 billion, with other income growing to N7.6 billion from N4.0 billion.
Operating profit in the year appreciated to N71.4 billion from N42.8 billion, finance income rose to N157.0 million from N75.1 million, and finance costs rising to N5.4 billion from N3.8 billion.
In the fiscal year, the profit before tax jumped to N66.2 billion from N39.2 billion. However, the profit after tax depreciated to N60.6 billion from N64.1 billion, with the earnings per share (EPS) decreasing to N1.79 from N1.89.