BUA Cement

Dangote Cement hauled in record windfall income after converting net investments in foreign operations into the naira, more than doubling the company’s comprehensive income to N1 trillion. Comprehensive income, the cash earned from profit after tax in addition to extraordinary gains outside the regular sources of income of companies, climbed 150 per cent from N405.4 billion a year earlier, its audited earnings report showed Friday upon release. Nigeria’s currency crisis has been complicated by a slide of over 70…

Lafarge Africa saw earnings for 2023 drop to N51.4 billion for the first time in half a dozen years, during which not even waves of pandemic lockdowns battering other businesses were unable to slow the progress of its profitability. Details of its unaudited financials for the year showed that a jump in its accrued tax liabilities for the year weighed on the bottom line. An accumulation of obligations to tax authorities over the previous years hit N23.6 billion in 2023, translating to an 86.9 per cent surge.…

The Minister of Works, David Umahi, and the Chairman of the Senate Committee on Housing, Aminu Tambuwal (PDP-Sokoto), on Thursday, inspected the newly constructed BUA Cement plant in Sokoto State. Mr Umahi, who was in Sokoto to inspect the reconstruction of a 372 km dual road from Sokoto to Zaria in Kaduna State, urged BUA cement’s management to reduce the price of cement in the market. He emphasised the government’s commitment to stabilizing the Naira’s value and assured the public that efforts were underway to…

The Senate on Wednesday mandated its Committee on Industries to unravel the reasons behind the increase in the price of cement by producers of the commodity in Nigeria. The Senate President, Godswill Akpabio, directed the committee to find a possible solution to the high prices of cement and influence the manufacturing companies in the country to adhere to the regulations. The resolution was sequel to a motion sponsored by the senator representing Kwara South, Lola Ashiru, during the plenary. Mr Ashiru, a member…

Last week, Nigerian stocks reported their first weekly depreciation this year, dropping 2.5 per cent, as investors reaped accumulated gains on some stocks that have fairly appreciated. The market saw a lull in earnings releases during the week, allowing investors to absorb a flurry of corporate results that marked the two preceding weeks. Even though the bulk of financial results have been issued, there are strong indicators that the market is yet to see possibly its biggest driver this quarter. Heavyweights like…

Last week, a good number of corporate results were issued, many of them coming out strong and fairly impressive. That in part helped the market capitalisation of the Nigerian exchange appreciate by 2 per cent. Investors are awaiting the earnings reports of big-cap stocks like Dangote Cement, MTN Nigeria, BUA Cement and Nestle as well as those of four of the Big 5 lenders (United Bank for Africa, GTCO, Access Holdings and Zenith). The financial performance of these stocks are likely to shape the direction of the…

Nigerian stocks stretched their run of gains into the tenth trading day in a row on Wednesday as investors piled more funds into shares and buy pressure drove the main stock index beyond the 100,000 basis points mark to its peak level ever. The all-share index touched a new high of 101,571.1 points, after adding 3 per cent according to Nigerian Exchange data, less than a week after the country’s equity market displaced Argentina’s to become the world’s best-performing bourse. That puts the overall return on the…