WorldStage Newsonline– BUA Cement Plc, a leading cement manufacturer in Nigeria on Wednesday released its unaudited financial statements for the three months and nine months ended 30th September 2020 at the Nigerian Stock Exchange with 20.95% rise in revenue during the nine months period to N156.550 billion from N129.429 billion in 2019.
The profit after income taxes in nine months rose by 23.85% to N53.567 billion from N43.253 billion in 2019.
The result for the three months showed that revenue rose to N55.289 billion from N39.570 billion in Q3 2019 while profit after income taxes improved by 48.28% to N18.748 billion from N12.643 billion in Q3 2019.
The result however showed a sharp rise in bank borrowings to N33.621 billion during the nine months period, a 56.93% increase when compared with the 2019 figure.
The bulk of the facilities which would mature mid 2024 were for part finance of construction of cement plant, importation of spare parts and raw materials.
