BUA Cement Assets Drop To N692bn In Nine Months

Nigeria’s cement manufacturer, BUA Cement Plc has lost asset of N74.3bn, making its assets worse than the Covid-19 era.

The company’s asset in the first nine months of 2021 fell to N692.04bn, down from the N766.3bn recorded by September last year amid the Covid pandemic.

BUA Cement now has N55.18bn cash in hand and short term deposits, a record slide from N123.82bn held in September last year, according to the company’s third-quarter earnings report.

But despite the manufacturer’s asset slide, BUA’s revenue grew to N62.6bn, up from the N55.28bn.

Profits also rose to N22.5bn from the N18.74bn recorded in September 2020.

BUA said its has a free float value of N37,708,627,968 as at 30th September 2021.

The company owned by Abdulsamad Rabiu is one the companies trading on the Nigerians Exchange Limited with shares exceeding a trillion. The cement company has a market capitalisation of N2.4trn.