AbdulSamad Rabiu, Chairman of BUA Cement, attributed the failure of the company’s plan to sell cement at N3,500 per bag to dealers taking advantage of the policy.<\/p>\n
At the 8th Annual General Meeting of BUA Cement in Abuja, Rabiu stated that dealers sold cement to consumers at prices between N7,000 and N8,000 per bag, rather than passing on the lower prices.<\/p>\n
Rabiu cited external economic factors as reasons for discontinuing the price policy, including the devaluation of the Naira, fuel subsidy removal, and rising energy costs denominated in dollars.<\/p>\n
He noted that despite these challenges, cement prices are relatively lower today than they could have been, with a price increase of only 50% from N4,000 to N6,000.<\/p>\n
Rabiu also highlighted the company’s significant energy costs, with a monthly gas invoice of N15-16 billion.<\/p>\n
BUA Cement’s financial report revealed a 27.4% revenue growth to N460 billion in 2023, alongside a 39.5% increase in total costs to N276 billion.<\/p>\n
The company recorded a net foreign exchange loss of N70 billion but maintained profitability with a net profit after tax of N69.5 billion.<\/p>\n
Additionally, BUA Cement declared a dividend of N2 per share, demonstrating resilience despite economic challenges.<\/p>\n
The company’s market share and profitability remain steady, a testament to its adaptability in a challenging economic environment.<\/p>\n","protected":false},"excerpt":{"rendered":"
AbdulSamad Rabiu, Chairman of BUA Cement, attributed the failure of the company’s plan to sell cement at N3,500 per bag to dealers taking advantage of the policy. At the 8th Annual General Meeting of BUA Cement in Abuja, Rabiu stated that dealers sold cement to consumers at prices between N7,000 and N8,000 per bag, rather […]<\/p>\n","protected":false},"author":16,"featured_media":46329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[1448],"class_list":["post-46328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bua"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/46328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=46328"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/46328\/revisions"}],"predecessor-version":[{"id":46330,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/46328\/revisions\/46330"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/46329"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=46328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=46328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=46328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}