The Chairman of BUA Group of companies AbdulSamad Rabiu has decided to distribute the sum of N2 billion proceeds from his shares bonus to members of staff.
Rabiu is also the largest shareholder of Nigeria’s second largest publicly listed manufacturing company, BUA Cement Plc, a subsidiary of BUA Group of companies.
The share, which is worth almost two billion naira, is in recognition of their effort to keep the company profitable despite the pandemic and predictions of a tough year.
“It should be noted that despite the pandemic, BUA Cement 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 company said in a statement sent to DAILY NIGERIAN.
According to the office of the chairman, AbdulSamad Rabiu said that it was important to recognize the effort of 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,” Mr Rabiu said.
It should be noted that despite the pandemic and attendant economic slowdown, BUA Cement Plc declared a 19.3percent increase in revenues to N209.4billion in 2020 from N175.5 billion, as at FY2019. The company also declared Profits After Tax of N72.3billion representing a 19.4% increase over the corresponding period in 2019.