- Abdul Samad Rabiu canvasses for new entrants, more investments, additional capacity in the cement industry
BUA Cement Plc, one of Africa’s largest Cement companies, today held its Annual General Meeting for the period ended December 31, 2020 whilst paying dividends of N70billion at N2.067k per ordinary share in a move that shareholders applauded.
This is coming on the heels of a profitable year for the Cement producer with a turnover of N204bn and declared Profits After Tax of N72.3billion in the year under review.
Speaking at the AGM, Abdul Samad Rabiu, Chairman of BUA Cement, whilst addressing shareholders and the press, praised the efforts of the Yusuf Binji led management, staff, and customers of the company for ensuring that BUA Cement remained the cement of choice for quality in Nigeria.
In his comments on the increased demand for cement which had led to higher retail prices despite significantly lower ex-factory prices, Rabiu canvassed more investments in the cement industry saying that current national production levels across were not enough to meet the ever-increasing national demand for cement which was increasing at a rate over 3million metric tonnes per annum.
He therefore canvassed new investments in the cement sector and encouraged other investors to develop new cement plants.
It should be noted that BUA Cement is constructing a 3million metric tonnes which is expected to come on stream in Sokoto by the end of 2021 with new plants already in the works.
