BUA Cement’s Q2 2023 results for the time period ending June 2023 has shown that earnings before tax increased by 26.52% annually to reach N40.963 billion.
Additionally, during the same time period, the cement company’s earnings after tax increased by 30.45% YoY to N36.815 billion. Thus, the earnings per share for the second quarter came to N1.09, or 31.33% more than the same period last year.
Key highlights:
Revenue; N114.7 billion; +25% YoY
Cost of sales up 21% YoY to N58.96 billion
Gross Profit; N55.748 billion +30.07%
Administrative expenses are down -49.57% YoY to N1.36 billion
Selling and Distribution expenses are up 40.52% YoY to N6.769 billion
Operating income; N48.55 billion; +37.33%
Net finance cost up 179.48% YoY to N7.869 billion
Profit for the year; N36.815 billion; +30.45% YoY
Cash and short-term deposits are up 352% to 217.349 billion
Total Assets up 18.74% to N1.037 trillion
Long-term borrowing up 341% to N197.346 billion
Short-term borrowing is down -57.38% to N34.392 billion
The profitability of BUA Cement has been enhanced through increased gross profit, decreased administrative costs, and positive revenue growth.
However, BUA Cement is seriously concerned about the substantial rise in net finance costs, which is primarily caused by rising net interest charges and net exchange losses.
