Chairman of Nigeria’s Cement manufacturing giant, BUA Cement Plc, AbdulSamad Rabiu, has announced a share bonus gift, from his pool of shares, for employees of the company valued at N2billion in recognition of their effort to keep the company profitable despite the Covid-19 the pandemic and predictions of a tough year.
BUA Cement beat the odd as it remained one of the most profitable companies in Nigeria declaring a Profit After Tax of N72.3billion representing a 19.4% increase over the corresponding period in 2019. This was announced by the company in a statement and details released in a filing on the NGX.
The BUA chair said that it was important to reward the key staff who worked tirelessly despite the 2020 pandemic to keep the company on a strong footing even as the company was better placed to stay profitable for the foreseeable future.
“As we head into another year of record profits, this share bonus for our employees is only the right thing to do. By doing so, our core employees are better placed to benefit from BUA Cement’s future successes which they continue to help deliver”, Rabiu said.
BUA Cement Plc declared a 19.3% increase in revenues to N209.4billion in 2020 from N175.5 billion, as at FY2019. Its Profits After Tax rose N72.3billion representing a 19.4% increase over the corresponding period in 2019.