BUA Cement, led by Nigeria’s second richest man, Abdul Samad Rabiu, has achieved yet another excellent financial performance, with revenues exceeding N320 billion ($420 million) over the first nine months of the fiscal year 2023.
The company’s fortitude in the face of strong competition in the cement business is clear, as its nine-month sales has risen to N320 billion ($420 million), a 27.9 percent increase over the previous year’s data.
This demonstrates BUA Cement’s amazing financial success, driven by Rabiu, a notable businessman who has not only cemented his position as Nigeria’s second-richest man, but has also secured the fifth slot among the wealthiest persons on the African continent.
BUA Cement strengthens its position in the African cement business.
According to the company’s recently revealed financial statistics, revenue increased dramatically from N262.6 billion in the first nine months of 2022 to N335.9 billion in the same period of 2023. This firmly established BUA Cement as a significant participant in the African cement market.
BUA Cement’s revenue increased significantly in the third quarter of 2023, with cement sales increasing from N74.04 billion in Q3 2022 to N114.8 billion in the same quarter this year.
Because of the increase in direct costs and operating expenses, the company’s profit increased marginally from N74.01 billion in the first nine months of 2022 to N76.07 billion in the first nine months of 2023.
If not for a net exchange loss of N26.9 billion throughout the period, the profit would have been N100 billion.
Abdul Samad Rabiu‘s fortune is based on a lucrative shareholding in BUA Cement.
BUA Cement, situated in Lagos, is Nigeria’s second-largest cement producer, with a total installed capacity of 11 million metric tonnes per year.
Its financial soundness is further proven by the increase of total assets from N874.01 billion at the start of the year to N1.02 trillion in September 2023. During the same year, however, its retained earnings fell from N194.9 billion to N176.13 billion.
Rabiu, who owns 97.83 percent of BUA Cement, is Nigeria’s second-richest individual. His net worth is mostly generated from his cement business, with Bloomberg valuing it at $5.53 billion and Forbes estimating it at $6.8 billion.
