BUA Cement has outperformed its peers in Full Year 2022, overtaking Lafarge WAPCO to become the second largest cement producer in Nigeria by volume and installed capacity.
BUA Cement was the only listed cement player in Nigeria that recorded an increase in sales volume in 2022 (driven by added volume from the additional installed capacity of 3 million metric tons per annum from the new line-4 in Sokoto), as its volume dispatched increased to 6,300 kilotons in 2022 from 5,400 kilotons in 2021.
This compares to 5,861 Kilotons, for WAPCO in 2022.
BUA Cement Plc recorded strong revenue growth of 40.28% to N360.99bn in 2022 FY. The remarkable performance reflects the increase in sales volume, upward price revision (as inflationary pressures mounted) and market expansion outside Nigeria.
The firm’s exporting activities is gradually gathering momentum as sales outside the Nigerian market improved by +87.74% last year.
The cement maker’s operating profit spiked by 24.46 percent to N129.71 billion in December 2022 from N104.22 billion as at December 2021.
It trades at a price to earnings multiple of 33.30 while its shares trade at N88.1 as of March 29, 2023.