BUA Cement Plc, a leading cement manufacturer led by Nigeria's third-richest man Abdul Samad Rabiu, announced mixed financial results for the first half of its 2024 fiscal year.
The company reported a significant increase in its revenue which surpassed $220 million, according to its unaudited financial statements for the six months ending June 30, 2024.
Revenue growth and rising costsRevenue surged by 64.6 percent, climbing from N221.1 billion ($133.9 million) in the first half of 2023 to N363.94 billion ($221.1 million) in the same period of 2024. However, rising energy costs significantly impacted the company's expenses.
Energy costs escalated from N47.91 billion ($29.1 million) to N130.1 billion ($78.7 million), pushing the direct costs for the period to N254.6 billion ($154 million), up from N114.94 billion ($70 million) in the first half of 2023.
