BUA Cement’s pre-tax profit drops by 54% in the second quarter of 2024 

This represents a 54.00% year-over-year decline from a profit of N40.9 billion reported in 2023. 

Revenue spiked by 76.80% year-over-year from N114.7 billion the previous year to N202.8 billion in Q2 of 2024. 

However, BUA Cement’s earnings per share fell by 55.96% year-over-year when compared to the previous year. 

The company’s revenue rose by 76.80% year-over-year, from N114.7 billion in 2023 to N202.8 billion in 2024. 

This increase in revenue caused a spike in the cost of sales by 134.83% year-over-year at N138.4 billion in the second quarter of 2024. 

From the release, the company recorded an increase in gross profit by 15.42% year-over-year. 

However, an increase in administrative expenses by 388.46% YoY, from N1.3 billion the previous year to N6.6 billion in Q2 of 2024, exerted pressure on the pre-tax profit. 

The pre-tax profit of the company declined by 54.00% YoY from N40.9 billion in Q2 of 2023 to N18.8 billion in Q2 of 2024. 

BUA Cement’s Managing Director/Chief Executive Officer, Mr. Yusuf Binji, in a statement issued in July 2024, blamed the pre-tax decline on Nigeria’s constraining business environment. 

He went further to state that operational costs due to the devaluation of the naira and inflation fueled the pre-tax decline. 

The company’s earnings per share crashed by 55.96% YoY from N1.09 in Q2 of 2023 to N0.48 in 2024. 

BUA Cement is currently trading at N143.20 per share in the Nigerian stock market.