The Company's audited financial result released on the
Providing valuable insights to the 2020 financial performance alongside the operational activities for the year, Yusuf Binji, Managing Director/CEO of
He said: "Undeniably, the challenges in 2020 have been unprecedented, given the outbreak of the Coronavirus and the disruption caused across homes, communities and organisations.
Despite its lingering effect, we witnessed the best of humanity - resilience, as individuals and organisations sought for opportunities to support vulnerable communities, with
"Supporting this resilient performance was our well instituted contingency plan, which ensured that we remained largely immune to economic disruptions such as: production, supply and distribution shocks resulting from the lock down; the observed shift by investors to alternative investment asset classes; and the low rain fall recorded during the year. More importantly, our product offerings played a vital role, with more customers being increasingly able to appreciate and differentiate how tailored our products are towards meeting their cement requirements, especially in terms of quality and product support, among other features."
He added: "Our performance for the year 2020 witnessed a 13.3 per cent rise in cement dispatched to 5.1mmt, which resulted in a 19.3 per cent rise in revenues to N209.4 billion; along with an 18 per cent rise in EBITDA to N96.8 billion from N82 billion, as at 2019. EBITDA margin remained resilient at 46.2 per cent; nevertheless, we expect margin expansion, resulting from performance growth and efficiency gains."
Vanguard News Nigeria
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