Nigeria’s second biggest producer of building materials, BUA Cement Plc has announced increase in profit margins, the biggest since the company was listed on the NGXASI, suggesting that prices charged by the cement maker are outpacing its increased cost of production and labour.
The second largest producer of building material benefited from the relative stability in the foreign exchange market which helped reduce foreign exchange revaluation losses and underpinned investors’ confidence in the economy.
This means the bold reforms of the current President Bola Tinubu administration are gradually yielding fruit.
After tax profit as a percent of sales for BUA Cement, a measure of aggregate profit margin, improved in the first quarter (Q1) to 27.89 percent from 11.15 percent as at March 2024, which is a record margin expansion, according to data gathered by MoneyCentral.
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