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Fri, Sep 8, 2023 5:05 PM

BUA Cement Plc Approves N94.8 Billion Dividend Payment for FY 2022

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BUA Cement Plc Approves N94.8 Billion Dividend Payment for FY 2022
BUA Cement Plc has announced the approval of a dividend payment of N94.8 billion for the financial year ending December 2022. The announcement was made during the company's 7th Annual General Meeting, where the unaudited Q2 2023 financial results were also revealed. BUA Cement Plc reported a significant increase in profit before tax and profit after tax, showcasing its strong performance in the cement industry. The company's earnings per share for the quarter also showed remarkable growth. The AGM also saw the cancellation of unissued shares and the re-election of non-executive directors.

Lagos, Nigeria - BUA Cement Plc, one of Nigeria's leading cement manufacturing companies, has approved the payment of N94.8 billion as dividends to its shareholders for the financial year ending December 2022. The resolution was made during the company's 7th Annual General Meeting (AGM), where key financial results and strategic decisions were announced.

The approved dividend payment represents a total dividend of N2.80 kobo per share on the issued capital of 33,864,354,060 Ordinary Shares of 50 Kobo each. This payout reflects BUA Cement's commitment to delivering value to its shareholders and rewarding them for their investments in the company.

In the unaudited Q2 2023 financial results, BUA Cement Plc showcased strong financial performance with a 26.52% year-on-year increase in profit before tax. The company's profit before tax reached N40.963 billion during the period under review. Additionally, BUA Cement's profit after tax also experienced substantial growth, rising by 30.45% year-on-year to reach N36.815 billion.

The impressive financial results of BUA Cement Plc for Q2 2023 translate into significant returns for its shareholders. The earnings per share for the quarter amounted to N1.09, representing a remarkable 31.33% year-on-year growth. This performance demonstrates the company's solid position in the cement industry and its ability to generate sustainable profit.

During the AGM, the company's Board of Directors also made strategic decisions to further strengthen BUA Cement's position in the market. The Board cancelled the unissued shares of 6,135,645,940 from the total existing shares of the Company, streamlining the company's capital structure and ensuring efficiency in share allocation.

The AGM also witnessed the re-election of several Non-Executive Directors who play crucial roles in guiding the company's strategic direction. Khairat Abdul Razaq-Gwadabe, Shehu Abubakar, and Finn Arnoldsen were all re-elected as Non-Executive Directors.

Additionally, the Board elected Mr Ajibola Ajayi, Mr Kabiru Tambari, and Mr Oderinde Taiwo as the representatives of the Shareholders on the Statutory Audit Committee for the 2023 Financial year. Mr Kabiru Rabiu and Mr Shehu Abubakar were also elected as the Board representatives for the Audit Committee for the 2023 Financial year, ensuring robust corporate governance practices within the company.

With its strong financial performance, commitment to shareholder value, and strategic decision-making, BUA Cement Plc remains a formidable player in the Nigerian cement industry. The company's success in delivering sustainable growth and profitability solidifies its position as a leader in the market.

BUA Cement Plc continues to invest in its production capacity and innovation to meet the growing demand for cement in Nigeria and contribute to the country's infrastructure development. With its track record of excellence and commitment to delivering quality products, BUA Cement Plc is well-positioned to capitalize on the opportunities in the Nigerian cement market.

Source of content: OOO News 2023-09-08 News

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