BUA Cement has announced a dividend payment of N2 per ordinary share to its registered members during the 8th Annual General Meeting held on August 29, 2024.

The company also ratified the appointment and re-election of members to key positions within the organization. 

In its recently released second-quarter results for 2024, BUA Cement reported a significant 77% year-over-year increase in revenue for the period ending June 30, 2024. However, the company faced a 54% year-over-year decline in pre-tax profit due to foreign exchange expenses. 

Despite this, the company has approved a dividend of N2 per ordinary share of 50 kobo for the period ending December 31, 2023. 

Other Resolutions: 

• The company approved the audited financial statements for the year ended December 31, 2023, along with reports from the directors, auditors, and the audit committee. 

• A dividend of ₦2.00 per ordinary share of 50 kobo for the period ending December 31, 2023, was approved. 

• The directors were authorized to remunerate the company’s auditors for the year ending December 31, 2024. 

• The remuneration of the company’s managers was disclosed in compliance with Section 257 of the Companies and Allied Matters Act (CAMA) 2020. 

• The remuneration for the year ending December 2024 was set at ₦9.1 million for non-executive directors, ₦10.4 million for independent non-executive directors, and ₦13 million for the chairman. 

Additionally, a resolution was passed in accordance with Rule 20.8(a) of the Nigerian Exchange Rules concerning transactions with related parties or interested persons. 

The company and its related entities were granted a general mandate covering all recurring transactions with a related party or interested person, provided these transactions are of a revenue or trading nature or necessary for the company’s day-to-day operations. 

Election & Re-election

• Appointment of Ms. Ganiat Adetutu Siyonbola as an independent non-executive director and Mr. Chikezie Ajaero as executive director. 

• Re-election of Mr. Chimaobi Madukwe, Mr. Kabiru Rabiu, and Mr. Abdul Samad Rabiu, CFR, as directors of the company, who are retiring by rotation. 

• Selection of members to constitute the statutory audit committee for the financial year of 2024: 

• Shareholder Representatives: Mr. Ajibola Ajayi, Mr. Kabiru Tambari, and Mr. Oderinde Taiwo. 

• Board Representatives: Mr. Kabiru Rabiu and Ms. Ganiat Adetutu Siyonbola. 

The chairman, Abdul Samad Rabiu, in a statement emphasized the company’s commitment to delivering value to shareholders.  

BUA Cement remains committed to maintaining efficient operations despite challenges related to foreign exchange expenses and the overall business climate.

[Niairametrics]