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Shareholders of one of Africa’s largest manufacturing companies, BUA Cement Plc, have approved dividends totaling N88.047 billion for its financial year ended 31 December 2021, at N2.60k per ordinary share of 50k each.

The approval was given during the company’s 6th Annual General Meeting (AGM) held in Abuja and follows a strong financial performance by the company in the year. BUA recorded revenue growth of 22.9 percent, from N209.4 billion in 2020 to N257.3 billion in 2021. Profits After Tax also rose by 24.5 percent to N90.1 billion.

“Our performance in 2021 gives credence to our sound business model, value proposition, and the excellent team who responded to the challenges and opportunities that were confronted in the year under review,” Abdul Samad Rabiu, Chairman of the Board of Directors of BUA Cement Plc, said during the AGM.

He said the company’s aim is to invest more in the cement industry until Nigeria is self-sufficient, and cement is readily available, accessible, and affordable for all Nigerians. Rabiu also disclosed that the company’s ongoing projects will be completed in 2023 to increase the cement company’s installed capacity to 17 million metric tonnes per annum, which will position it to take advantage of export opportunities.