WorldStage Newsonline– BUA Cement Plc, Nigeria’s largest cement producer, has released its Statement of Profit or Loss and Other Comprehensive Income for the six months ended June 2022 with a 41.40% increase in profit after tax from 61.364 billion naira vs. 43.396 billion naira in half (H1) 2021.
H1 revenue increased to N188.562 billion from N124.278 billion in H1 2021
The statement for the three months ended June 30, 2022 showed that profit after tax increased by 34.2% to 28.221 billion naira from 21.029 billion naira in the second quarter of 2021.
Second quarter revenue increased to N91.573 billion from N63.085 billion in the second quarter of 2021.
Meanwhile, the company dropped a hint of raising capital for its capacity expansion.
In a notice to the Nigerian Stock Exchange, the company said that, as part of its disclosure obligations under Chapter 17 of the regulations, it had entered into discussions with the International Finance Corporation (IFC), acting as lead arranger. together with a number of other lenders. in a syndication pool, to secure a loan for the expansion of BUA Cement’s integrated cement plant in Kalambaina, Sokoto State, Nigeria, which will include increasing its capacity by 2.0 million tons by year (MTPA) to 8.0 MTPA and the development of other ancillary services (the expansion project);
“Rest assured that the Company will notify NGX and the investing public of any further developments,” the notice reads.