BUA Cement Plc has declared a final dividend of N2.80 per share on every 50 kobo ordinary share for the financial year ended 31 December 2022. This amounts to N94.82 billion in view of its 33.864 million outstanding shares, surpassing the final dividend of N2.60 per share, or N88.05 billion the firm paid to shareholders in 2021.
BUA Cement’s 2022 financials showed an impressive outing as both the top and bottom lines rose in response to its strategic moves to control more market share in the nation’s building materials industry.
Gross sales, captured as the revenue from contracts with customers, rose by 40.3 percent to N360.989 billion in 2022 from N257.327 billion in the previous year. A 34.8 percent improvement in its gross profit saw it rise to N163.04 billion in 2022, up from N120.936 billion in 2021.
Operating profit in 2022 was N129.72 billion, signifying 24.5 percent increase over N104.22 billion that was realised in 2021.
Profit after tax was N101.01 billion, 12.1 percent higher than N90.079 billion which the company made in 2021.
By declaring a dividend of N2.80 per share for 2022, BUA Cement maintains a high dividend payout ratio. The 2022 dividend represents a dividend payout ratio of 94 percent while that of 2021 was 98 percent. In other words, at 94 percent dividend payout ratio, the company paid as dividend to shareholders, N94 out of every N100 profit it made.
Closure date for the 2022 dividend is 11 August 2023.
“On 24th August 2023, dividends will be paid electronically to shareholders whose names appear on the register of members as of 11 August 2023, who have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts,” BUA Cement announced in a note to investors through the Nigerian Exchange Group.
