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Friday, September 30, 2022

BUA Cement Says no Further Increase in Cement Prices

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BUA Cement, Nigeria’s second-largest cement maker, has again assured Nigerians that it won’t further increase the price of cement. This is the second time BUA is reassuring its customers in the past two months.

This was confirmed from a statement it shared on its Instagram page on Friday.

The statement from BUA Cement read:

“We have been inundated with requests from our distributors seeking clarifications as to whether BUA also intends to increase the price of its cement. This is in view of a purported 10% price increase by another major cement manufacturer.

 “While we are now aware that the said producer has increased the price of its cement (ex-factory) effective Monday, June 14, 2021, we however wish to state that BUA is not a part of this increase and does not seek to increase the price of its cement (ex-factory) in the foreseeable future.”

BUA Cement recently released its 2020 Full Year Audited Financial Results with the company declaring a Profit After Tax of N72.3billion representing a 19.4 percent increase over the corresponding period in 2019.

BUA Cement’s revenues also grew to N209.4billion from N175.5 billion, as at FY2019.

Providing valuable insights to the FY2020 financial performance alongside the operational activities for the year, Yusuf Binji, Managing Director/CEO of BUA Cement, highlighted the preparedness and positive impact the activation of the company’s Business Continuity Plan had on performance.

He also emphasized the importance of product design and how BUA’s current offerings adequately cater to the cement needs of its customers, resulting in a sustained growing market acceptance.

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