BUA Cement announces ₦2 per share dividend despite FX challenges 

BUA Cement has announced a dividend payment of N2 per ordinary share to its registered members during the 8th Annual General Meeting held on August 29, 2024.

The company also ratified the appointment and re-election of members to key positions within the organization. 

In its recently released second-quarter results for 2024, BUA Cement reported a significant 77% year-over-year increase in revenue for the period ending June 30, 2024. However, the company faced a 54% year-over-year decline in pre-tax profit due to foreign exchange expenses. 

Despite this, the company has approved a dividend of N2 per ordinary share of 50 kobo for the period ending December 31, 2023. 

Additionally, a resolution was passed in accordance with Rule 20.8(a) of the Nigerian Exchange Rules concerning transactions with related parties or interested persons. 

The company and its related entities were granted a general mandate covering all recurring transactions with a related party or interested person, provided these transactions are of a revenue or trading nature or necessary for the company’s day-to-day operations. 

The chairman, Abdul Samad Rabiu, in a statement emphasized the company’s commitment to delivering value to shareholders.  

BUA Cement remains committed to maintaining efficient operations despite challenges related to foreign exchange expenses and the overall business climate.