Displaying items by tag: BUA Cement

Nigeria: BUA Cement recorded full-year net sales of US$550m in 2020, up by 20% year-on-year from US$460m in 2019. Profit after income taxes was US$185m, up by 16% from US$159m.

In December 2020, Global Cement reported that the company planned to bring three integrated cement plant projects with a total capacity of 9Mt/yr to fruition by the end of 2022. This would bring its installed capacity to 20Mt/yr.

Nigeria: BUA Cement and Dangote have signed an agreement with the government to supply cement at a discounted rate for the construction of 300,000 homes under the government’s Mass Housing Programme, according to The Sun newspaper.

Vice President Yemi Osinbajo said that the producers have agreed to provide cement for this project at a ‘considerable’ discount, which he described as ‘very helpful.’ He added, “Also important is the job creation aspect of it. You have young men and women who are builders, architects and civil engineers working on this project. We are hoping that a lot of the other building materials will be made locally.”

Nigeria: BUA Cement has successfully concluded a US$290m Series 1 fixed-rate senior unsecured bond issue. The Punch newspaper has reported that the company utilised US$290m of its US$505m maiden bond issue in line with regulatory guidelines. It was nonetheless oversubscribed by nearly US$350m. The group said that it will apply to dual-list the bond on the relevant exchanges, subject to necessary approvals.

Nigeria: China-based Sinoma CBMI Construction has signed an agreement with BUA Cement to build three 3Mt/yr plants in Adamawa, Edo and Sokoto states respectively. When completed by the end of 2022, the projects will bring the producer’s installed capacity to 20Mt/yr, according to the Vanguard newspaper.

The deal is Nigeria’s largest ever single contract for the construction of cement plants. the project will cost US$1.05bn.

Nigeria: BUA Cement has donated six transformer units with a total capacity of 400kW to Okpella Community in Edo State. The Daily Independent newspaper has reported that the company’s aim is to improve local access to electricity.

Managing director and chief executive officer (CEO) Yusuf Binji said, “Our commitment to sustainability, sustainable development goals and sustainable business practices will remain critical to our business at BUA Cement. We will keep pursuing an inclusive, safe, resilient, and sustainable environment. corporate social responsibility is how we colour the lives of those around us.”

Nigeria: Dangote Cement and Bua Cement have been allowed to export goods by land following a closure of land borders in mid 2019 due to smuggling. The government has granted permission for Dangote Cement to export its products to Niger and Togo, according to the Business Live newspaper. Bua Group has also received approval. However, Lafarge Africa has reportedly not yet received permission.

Nigeria: BUA Cement has appointed Jacques Piekarski as its chief financial officer (CFO).

Piekarski holds over 26 years of experience in finance with executive level roles in cement, trading, mining and fast-moving consumer goods (FMCG). Prior to joining BUA Cement, he was Group CFO for TGI Group Nigeria, a food and agricultural conglomerate, and he held the same role at Flour Mills of Nigeria. His knowledge of the cement industry comes from working as the CFO for Holcim in Egypt with a joint venture with the Orascom Group.

A Swiss and French National, Piekarski was born in Switzerland. He is a graduate from the Business School in Lausanne, Switzerland and holds an MBA from the Robert Kennedy College in Zurich, Switzerland.

Nigeria: BUA Cement has broken ground at the site of its upcoming 3.0Mt/yr-capacity integrated cement plant in Guyuk, Adamawa State. Governor Ahmadu Fintiri proposed nearby Yola as the site for a second BUA Cement plant in the state, which he said would “further diversify the economy away from sole reliance on petroleum products.”

The company is currently building a 50MW waste heat recovery (WHR) plant in Lamurde, Adamawa State.

Nigeria: BUA Cement’s revenue grew by 12.7% year-on-year to US$261m in the first half of 2020 from US$232m in the same period of 2019. Its profit after tax rose by 13.7% to US$89.8m from US$78.9m. In comments reported by the Daily Independent newspaper, Yusuf Binji, the managing director of BUA Cement said that, “In a bid to further drive cost efficiencies and sustainability, we entered into strategic alliances for the supply of liquefied natural gas (LNG) at the Kalambaina, Sokoto State and the management of our mining operations.”

The cement producer has a production capacity of 8Mt/yr. It plans to increase this to 11Mt/yr when it commissions a new 3Mt/yr plant in Sokoto State in 2021.

Nigeria: BUA Group subsidiary BUA Cement has shared plans to establish a 3Mt/yr-capacity integrated cement plant in Guyuk, Adamawa State. The Sun newspaper has reported that the company also plans to establish a 50MW power plant in nearby Lamurde, also in Adamawa State. BUA Group chairman Abdul Samad Rabiu said, “We will use new technologies to supply power to the proposed cement plant and communities of Guyuk and Lamurde.” The state’s limestone deposits with provide the raw material for clinker production.