BUA Cement’s second-quarter results for 2024 show a significant decline in pre-tax profit, falling by 54% year-over-year to N18.8 billion from N40.9 billion in 2023.
Despite this, the company saw a 76.80% increase in revenue, rising to N202.8 billion from N114.7 billion the previous year.
The rise in revenue was accompanied by a 134.83% increase in the cost of sales, reaching N138.4 billion.
Although gross profit increased by 15.42% to N64.3 billion, administrative expenses surged by 388.46% to N6.6 billion, placing pressure on overall profit margins.
BUA Cement’s earnings per share dropped by 55.96% year-over-year, falling from N1.09 to N0.48.
The company’s Managing Director, Yusuf Binji, attributed the profit decline to Nigeria’s challenging business environment, including the impact of naira devaluation and inflation. BUA Cement’s current share price stands at N143.20.