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BUA CEMENT PLC

(BUACEMENT)
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End-of-day quote Nigerian Stock Exchange  -  2022-07-04
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BUA CEMENT : AUDITED FINANCIAL STATEMENT FOR 2021

03/29/2022 | 12:45pm EDT

BUA Cement Plc

Annual report and financial statements For the year ended 31 December 2021

BUA Cement Plc

Annual report and financial statements

For the year ended 31 December 2021

Contents

Corporate information

3

Report of the directors

4 - 8

Corporate governance report

9 - 18

Report of the audit committee

19 - 21

Statement of directors' responsibilities

22

Statement of corporate responsibilities over financial reporting

23

Independent auditor's report

24 - 27

Statement of profit or loss and other comprehensive income

28

Statement of financial position

29

Statement of changes in equity

30

Statement of cash flows

31

Notes to the financial statements

32 - 83

Other national disclosures:

84

Statement of value added

85

Five-year financial summary

86

Annual report and financial statements For the year ended 31 December 2021

Corporate information

Company registration number

RC 1193879

Board of Directors

Abdulsamad Rabiu CON Yusuf Haliru Binji Jacques Piekarski Kabiru Rabiu Chimaobi Madukwe Finn Arnoldsen Shehu Abubakar Khairat A. Gwadabe

Company secretary

Abubakar Magaji

32 Churchgate Street Victoria Island Lagos

Registered office

32 Churchgate Street Victoria Island Lagos

Plant locations

Km 164 Benin-Okene Expressway Okpella

Edo State

Km 10 Kalambaina Road Sokoto State

Independent auditor

PricewaterhouseCoopers Landmark Towers

5B Water Corporation Road Victoria Island

Lagos

Principal bankers

Ecobank Nigeria Limited First Bank of Nigeria Limited Guaranty Trust Bank Plc United Bank for Africa Plc Union Bank of Nigeria Plc Access Bank Plc

First City Monument Bank Limited Polaris Bank Limited

Nigerian Nigerian Swiss Nigerian Nigerian Norwegian Nigerian NigerianChairman Managing Director Chief Finance Officer Non-Executive Director Non-Executive Director Non-Executive Director Independent Non-Executive Director Independent Non-Executive DirectorStanbic IBTC Plc Fidelity Bank Plc

Nova Merchant Bank Limited Coronation Merchant Bank Limited Keystone Bank Limited

Standard Chartered Bank Nigeria Limited Zenith Bank Plc

Annual report and financial statements For the year ended 31 December 2021

Report of the directors

The Directors are pleased to present their annual report together with the financial statements of BUA Cement Plc ("the Company") for the year ended 31 December 2021.

  • 1 Legal form

    BUA Cement Plc was incorporated as a limited liability company on 30 May 2014 and commenced business in August 2015. The Company was converted from a private limited liability company to a public limited liability company on 16 May 2019, as a prelude to a scheme of merger. The Company merged with the defunct Cement Company of Northern Nigeria Plc in a scheme of merger on 23 December 2019 and was listed on the Nigerian Stock Exchange on 9 January 2020.

  • 2 Principal activities

    The principal activities of the Company are manufacturing and sale of cement to the general public.

  • 3 Result for the year

    The Company's results for the year ended 31 December 2021 are set out on page 28. The profit for the year has been transferred to retained earnings. The summarised results are presented below:

    31 December

    31 December

    2021

    2020

    N'000

    N'000

    Revenue from contracts with customers

    257,327,091

    209,443,487

    Profit before tax

    102,873,325

    78,873,498

    Income and deferred tax expense

    (12,794,314)

    (6,529,162)

    Profit after tax

    90,079,011

    72,344,336

    4 Dividend declaration

    The Board of Directors ("the Board") recommends for the approval of shareholders a payment of N2.6k dividend per 1 ordinary share of 50 kobo each, out of the profits declared in the financial year ended 31 December 2021 (2020: N2.067k).

    If approved, dividends paid to shareholders will be subject to the deduction of withholding tax at the appropriate rate at the time of payment.

5 Directors and Directors' interests

The names of the Directors as at year end and the date of this report are as set out in the corporate information page.

The direct and indirect interests of Directors in the issued share capital of the Company, as recorded in the Register of Directors' Shareholding and as notified by the Directors for complying with Section 301, of the Companies and Allied Matters Act, 2020 and listing requirements of the Nigerian Exchange Group are as set out below.

Annual report and financial statements For the year ended 31 December 2021

Report of the directors

5 Directors and Directors' interests (continued)

31 December 2021

31 December 2020

Number of

Shares held

Number of

Shares held

Direct holding Abdul Samad Rabiu Yusuf H. Binji, FNSE. Kenneth Chimaobi Madukwe Kabiru Isyaku Rabiu

Representing - -

Finn Arnoldsen Alhaji Sheu Abubakar Jacques Piekarski

Indirect holding Abdul Samad RabiuDamnaz Cement Company Limited BUA Industries Limited

BUA International Limited BUA Cement Company Limited

Total

19,044,995,225

827,093

820,000

820,000

820,000

450

820,000

637,403,152 19,166,766 - 13,562,681,069 33,268,353,755

19,044,995,225 7,093 - - - - -

637,403,152 - 74,218,444 11,490,595,760 31,247,219,674

The Directors have complied with the provisions of Section 277 of the Companies and Allied Matters Act at the date of this report.

6 Statistical analysis of the shareholding as at 31 December 2021

Range of Shareholding

Number of

Share holders

Holder %

Holders Cumulative

Units

Units %

Units Cumulative

1-1000

21,526

60.58%

21,526

8,169,854

0.02%

8,169,854

1001-5000

9,526

26.81%

31,052

20,905,801

0.06%

29,075,655

5001-10000

1,638

4.61%

32,690

11,998,497

0.04%

41,074,152

10001-50000

2,241

6.31%

34,931

54,129,265

0.16%

95,203,417

50001-100000

295

0.83%

35,226

20,872,024

0.06%

116,075,441

100001-500000

218

0.61%

35,444

49,449,578

0.15%

165,525,019

500001-1000000

43

0.12%

35,487

30,440,399

0.09%

195,965,418

1000001-999999999999

44

0.12%

35,531

33,668,388,642

99.42%

33,864,354,060

35,531

100%

33,864,354,060

100%

Substantial Interest in Shares

According to the register of members as at 31 December 2021, no individual shareholder held more than 5% of the issued share capital of the Company except the following:

No.

of

Shareholders

shares held

% of shareholding

Rabiu Alhaji Abdulsamad

19,044,995,225

56.24%

BUA Industries Limited

13,562,681,069

40.05%

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

BUA Cement plc published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2022 16:43:02 UTC.


© Publicnow 2022
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Sales 2022 296 B 713 M 713 M
Net income 2022 94 212 M 227 M 227 M
Net cash 2022 176 B 425 M 425 M
P/E ratio 2022 25,9x
Yield 2022 3,67%
Capitalization 2 435 B 5 863 M 5 863 M
EV / Sales 2022 7,63x
EV / Sales 2023 6,49x
Nbr of Employees 1 091
Free-Float 58,0%
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Yusuf Haliru Binji Chief Executive Officer, MD & Director
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Abdul-Samad Isyaku Rabiu Chairman
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