BUA Set to Open New Multi-Billion Naira Cement Plant in Sokoto After Price Crash
- BUA Cement is gearing up for the inauguration of a multibillion-naira cement plant in Sokoto
- The Chairman of BUA Group, Abdul Samad Rabiu, revealed the plan during his visit to the Sokoto State Governor
- He said the BUA Group is the largest employer in the North-West region of the country
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One of Nigeria’s top cement producers, BUA Cement, owned by Abdul Samad Rabiu, has revealed plans to inaugurate a new cement plant in Sokoto state in January, 2024.
Rabiu, chairman of BUA Group, revealed this during his visit to Sokoto State Governor Ahamd Aliyu on Wednesday, November 1, 2023.
Source: Getty Images
President Bola Tinubu to be a special guest at the event
The billionaire businessman said the company, which recently crashed its cement price in Nigeria, is working to prepare the plant for inauguration by then.
Rabiu told the governor that he had told President Bola Tinubu about the planned inauguration of the new plant during his visit to President Bola Tinubu on Tuesday, October 31, 2023, a BusinessDay report said.
He said he invited the president to be a special guest at the inauguration and stressed that BUA Cement in the state is the largest private entity with the largest workforce in the North-West.
BUA Cement profit declines in 2023
He congratulated the governor on his electoral victory and promised his company’s support for the success of Aliyu’s administration.
Aliyu commended the BUA group for contributing to the state’s welfare via social responsibility initiatives.
Meanwhile, the company reported a pre-tax profit of N85.75 billion on Tuesday, October 31, 2023, for the nine months ended September 30, 2023.
The result represents a decline of 3.4% from the N88.81 billion reported in the same period of 2022.
ThisDay reported that the decline is due to the N26.9 billion net exchange loss in the first nine months of 2023 from N5.26 billion recorded in the same period in 2022.
It reported N76.07 billion profit in the nine months of 2023, a growth of 2.8% from the N74.01 billion recorded in the same period last year.
The firm’s revenue hit N335.86 billion in the nine months of this year, showing a growth of almost 28% from N262.6 billion reported in the nine months of last year.
BUA cement sellers speak 4 weeks after company slashed price from N5,500 to N3,500 per bag
Legit.ng earlier reported that some retailers of BUA Cement in Lagos and Ogun states have revealed why the products are still sold above N5,000 per bag four weeks after the company announced a price cut.
Cement slashed the ex-factory price of the company’s products from N5,500 to N3,500, beginning October 2, 2023.
The company announced the decision after BUA Cement founder Abdul Samad Rabiu visited President Bola Tinubu on September 16, 2023.
Source: Legit.ng
