BUA Cement Plc
Annual report and financial statements For the year ended 31 December 2022
BUA Cement Plc
Annual report and financial statements
For the year ended 31 December 2022
Contents
Corporate information | 3 |
Report of the directors | 4 - 8 |
Corporate governance report | 9 - 17 |
Report of the audit committee | 18 - 20 |
Statement of directors' responsibilities | 21 |
Statement of corporate responsibilities over financial reporting | 22 |
Independent auditor's report | 23 - 26 |
Statement of profit or loss and other comprehensive income | 27 |
Statement of financial position | 28 |
Statement of changes in equity | 29 |
Statement of cash flows | 30 |
Notes to the financial statements | 31 - 78 |
Other national disclosures: | 79 |
Statement of value added | 80 |
Five-year financial summary | 81 |
2
BUA Cement Plc
Annual report and financial statements
For the year ended 31 December 2022
Corporate information
Company registration number | ||
RC 1193879 | ||
Board of Directors | ||
Abdul Samad Rabiu CFR, CON | Nigerian | Chairman |
Yusuf Haliru Binji | Nigerian | Managing Director/Chief Executive Officer |
Jacques Piekarski | Swiss | Chief Finance Officer |
Kabiru Rabiu | Nigerian | Non-Executive Director |
Chimaobi Madukwe | Nigerian | Non-Executive Director |
Finn Arnoldsen | Norwegian | Non-Executive Director |
Shehu Abubakar | Nigerian | Independent Non-Executive Director |
Khairat A. Gwadabe | Nigerian | Independent Non-Executive Director |
Acting Company secretary | ||
Hauwa Satomi (Mrs.) | ||
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 | ||
(Chartered Accountants) | ||
Landmark Towers | ||
5B Water Corporation Road | ||
Victoria Island | ||
Lagos | ||
Principal bankers | ||
Access Bank Plc | Nova Merchant Bank Limited | |
Coronation Merchant Bank Limited | Polaris Bank Limited | |
Eco Bank Nigeria Plc | Stanbic IBTC Bank Plc | |
Fidelity Bank Plc | Standard Chartered Bank Nigeria Limited | |
First Bank Nigeria Limited | Taj Bank Limited | |
First City Monument Bank Limited | Union Bank of Nigeria Plc | |
Guaranty Trust Bank Plc | United Bank for Africa Limited | |
Keystone Bank Limited | Zenith Bank Plc |
3
BUA Cement Plc
Annual report and financial statements
For the year ended 31 December 2022
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 2022.
-
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.
- Principal activities
The principal activities of the Company are manufacturing and sale of cement to the general public.
- Result for the year
The results for the year ended 31 December 2022 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 | |
2022 | 2021 | |
N'000 | N'000 | |
Revenue from contracts with customers | 360,989,105 | 257,327,091 |
Profit before tax | 120,154,050 | 102,873,325 |
Income and deferred tax expense | (19,143,424) | (12,794,314) |
Profit after tax | 101,010,626 | 90,079,011 |
- Dividend declaration
The Board of Directors ("the Board") recommends for the approval of shareholders a payment of N2.80k dividend per 1 ordinary share of 50 kobo each, out of the profits declared in the financial year ended 31 December 2022 (2021: N2.60k).
If approved, dividends paid to shareholders will be subject to the deduction of withholding tax at the appropriate rate at the time of payment.
- 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 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.
4
BUA Cement Plc
Annual report and financial statements
For the year ended 31 December 2022
Report of the directors
- Directors and Directors' interests (continued)
2022 | 2021 | ||
Number | Number | ||
of | of | ||
Shares held | Shares held | ||
Abdul Samad Rabiu CFR, CON | - | 19,044,995,225 | 19,044,995,225 |
Yusuf Haliru Binji | - | 827,080 | 827,093 |
Chimaobi Madukwe | 845,450 | 820,000 | |
Kabiru Rabiu | 820,000 | 820,000 | |
Finn Arnoldsen | 820,000 | 820,000 | |
Shehu Abubakar | 1,000,000 | 450 | |
Jacques Piekarski | 820,000 | 820,000 | |
Indirect holding | |||
Abdul Samad Rabiu | Damnaz Cement Company Limited | 637,403,152 | 637,403,152 |
BUA Industries Limited | 13,562,681,069 | 13,562,681,069 | |
BUA International Limited | 8,162,766 | 19,166,766 | |
Total | 33,258,374,742 | 33,268,353,755 |
The Directors have complied with the provisions of Section 277 of the Companies and Allied Matters Act at the date of this report.
- Statistical analysis of the shareholding as at 31 December 2022
Number | ||||||
of | ||||||
Shares | Holder | Holders | Units | |||
Range of Shareholding | held | % | Cumulative | Units | Units % | Cumulative |
1-1000 | 22,061 | 60.76% | 22,061 | 8,241,655 | 0.02% | 8,241,655 |
1001-5000 | 9,486 | 26.13% | 31,547 | 20,790,836 | 0.06% | 29,032,491 |
5001-10000 | 1,623 | 4.47% | 33,170 | 11,877,663 | 0.04% | 40,910,154 |
10001-50000 | 2,555 | 7.04% | 35,725 | 63,089,729 | 0.19% | 103,999,883 |
50001-100000 | 302 | 0.83% | 36,027 | 21,230,377 | 0.06% | 125,230,260 |
100001-500000 | 194 | 0.53% | 36,221 | 44,053,095 | 0.13% | 169,283,355 |
500001-1000000 | 45 | 0.12% | 36,266 | 32,793,197 | 0.10% | 202,076,552 |
1000001-999999999999 | 41 | 0.11% | 36,307 | 33,662,277,508 | 99.40% | 33,864,354,060 |
36,307 | 100% | 33,864,354,060 | 100% |
Substantial Interest in Shares
According to the register of members as at 31 December 2022, 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 |
Abdul Samad Rabiu CFR, CON | 19,044,995,225 | 56.24% |
BUA Industries Limited | 13,562,681,069 | 40.05% |
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BUA Cement plc published this content on 03 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2023 16:19:07 UTC.