BUA Cement Plc reports N120.15 billion pre-tax profit for FY 2022

BUA Cement Plc has released its 2022 full-year financial statements, reporting a pre-tax profit of N120.1 billion. 

This represents a 16.79% increase from the N102.87 billion the company reported during the same period in 2021. 

Summarised below are the key takeaways from the financial statements.

Revenue  

• 2022 FY: N360.99 billion 
• 2021 FY: N257.33 billion 
• Change: +40.13% 

Gross Profit  

• 2022 FY: N163.04 billion 
• 2021 FY: N120.94 billion 
• Change: +34.82% 

Operating profit  

• 2022 FY: N129.72 billion 
• 2021 FY: N104.22 billion 
• Change: +24.46% 

Finance cost  

• 2022 FY: N10.55 billion 
• 2021 FY: N1.71 billion 
• Change: +518% 

Pre-tax profit  

• 2022 FY: N120.15 billion 
• 2021 FY: N101.01 billion 
• Change: +16.79% 

Net Profit after tax 

• 2022 FY: N101.01 billion 
• 2021 FY: N90.086 billion 
• Change: +12.13% 

The bottom line

The growth in pre-tax profits was due to the increase in sales of Bagged Cement products despite inflationary pressure and depreciation of the naira.

The revenue from bagged cement products accounted for 99.46 % of the total revenue achieved by the company during the period under revenue.