BUA Cement’s Revenue Increased by 40.5% to N262.6 billion

• BUA Cement’s Revenue Increased by 40.5% to N262.6 billion
• BUA Cement’s Revenue highlights
• Union Bank’s PBT increased by 14% to N18.2 billion

BUA Cement Plc has released its unaudited financial accounts for the quarter that ended September 30th, 2022. The company’s sales for the quarter were N262.6 billion, up 40.5% from the same quarter last year as compared to N186.9 billion.

Operating profit increased by 31.1% to N99.2 billion from N75.7 billion as of Q3 2021, according to the unaudited financial report provided to the Nigerian Exchange Group (NGX).

When the financial report was examined more closely, it became clear that the company’s revenue was primarily driven by a notable increase in cement sales revenue, which totaled N262.6 billion.

At the same time, earnings before tax rose from N74.3 billion at the end of the first nine months of 2021 to N88.8 billion, which is a 19.5% increase. Similarly to this, the profit after tax increased from N65.9 billion in Q3 2021 to N74 billion during the time under review.

As of the first nine months of 2022, earnings per share (EPS) increased 12.3% to 219 kobos from 195 kobos in the previous year.

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When compared to N99.654 billion in 2021, the cost of sales increased by 43.32% to N142.829 billion. The cost of electricity and the import of raw materials, along with the associated foreign exchange burden, were the main drivers of the increase. This has contributed to the manufacturers’ performance.

Important financial highlights

• Revenue increases by 40.5% to N262.6 billion from N186.9 billion as of nine-month 2021.
• Operating profit increased by 31.1% to N99.2 billion from N75.7 billion as of the nine-month 2021.
• Profit before Tax increases by 19.5% to N88.8 billion from N74.3 billion as of nine-month 2021.
• Earnings per Share (EPS) went up 12.3% to 219 kobos from 195 Kobo as of nine-month 2021.

Meanwhile, Union Bank’s Profit Before Tax increased by 14% to N18.2 billion in the first 9 months of 2022.

The consolidated unaudited financial report for the nine months that ended on September 30, 2022, has been released by Union Bank of Nigeria Plc.

According to the financial report, the bank’s profit before tax for the reviewed period increased 14% to N18.2 billion from N15.9 billion during the same time last year.

In a similar line, profit after tax increased by 14.2% to N17.3 billion from N15.2 billion in 2021. The bank cited increased net interest revenue as the reason for the rise in profits.

When compared to the first nine months of 2021, the gross earnings increased by 12.4% to N140.6 billion (from N125.2 billion). Because of increasing interest income, net operating income before impairments increased from N71.2 billion in the same time in 2021 to N76.3 billion in the current year.

Continue Reading: Union Bank PBT increased by 14% to N18.2 billion