BUA Cement to pay shareholders 26% more in dividend as profit surpasses N90 billion

BUA Cement Plc plans to reward shareholders with a dividend payout of N88.84 billion, translating to N2.6 per share for the 2021 financial year, the firm said in its audited earnings report on Wednesday.

The proposal followed a strong earnings performance during the period, when turnover grew by nearly one-fourth and profit increased to N90.1 billion.

BUA Cement paid a dividend of N2.06 for the 2020 financial year for every share.

In percentage terms, the company will be paying shareholders 25.6 per cent more in dividend for 2021 compared to the year before.

“If approved, dividends paid to shareholders will be subject to the deduction of withholding tax at the appropriate rate at the time of payment,” the board of directors said in a section of the document.

ALSO READ: BUA Cement’s full-year profit climbs to N90 billion amid 23% sales rise

The cement manufacturer had a new cement plant based in Sokoto inaugurated by President Muhammadu Buhari in January 2022. It is expected to produce 3 million metric tonnes of cement per annum.

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