Business News

BUA Cement 2023 profit declines 31% to N69.45 billon due to FX losses

BUA Cement Plc reported a profit after tax of N69.45 billion for the financial year ended December 2023, representing a 31.2% decline year-on-year.

The year-on-year reduction in profits was largely due to a foreign exchange loss of N69.95 billion—an increase from N5.50 billion recorded in 2022.

Like most manufacturing companies in Nigeria, BUA Cement experienced profit declines as a result of the impact of the naira’s depreciation following the reunification of the exchange rate announced mid-last year.

Key highlights

Despite the profit drop, BUA Cement’s Share price closed flat at N150 per share.