BUA Cement's Profit Surges 25% In H1 2021

BUA Cement Plc, one of Nigeria's largest cement producers by market valuation, has declared that its profit after tax rose 25 percent to N43.4 billion in the first half of 2021.

As of the same period last year, BUA cement's profit after tax stood at N34.8 billion, the company disclosed in its unaudited financial results for the period ended 30th June 2021, which was submitted to the Nigerian Exchange.

BUA Cement's revenue stood at N124.3 billion at the end of the review period, a 23 percent increase from the N101.3 billion recorded in the same period of last year.

The report also showed that operating profit also climbed by 23.8 percent to N50.5 billion from N40.8 billion recorded in the first half of 2020.

As a result of the increased earnings, Earnings Per Share (EPS) rose to N1.28 from last year's N1.03.

However, Administrative expenses swelled 57.9 percent from N2.64 billion in the first half of 2020 to N4.17 billion in H1 2021.

The financial statements are company came shortly after the company declared N70 billion dividends for its shareholders.