Abuja, July 21, 2025, Alhaji Abdul Samad Rabiu, the Chairman of BUA Cement Plc, has attributed the good operational results of the company in 2024 financial year to prudent management.
Rabiu made the observation in Abuja on Monday while briefing the press after the annual general meeting of the company.
He said the company’s performance in 2024 was driven by effective pricing strategies and the company’s ability to absorb rising cost of inputs, amongst others.
The company’s gross revenue rose to N877 billion in 2024, from the N460 billion in 2023, in spite of foreign exchange losses amounting to N93.9 billion.
Its profit before tax also rose by 48.2 per cent to N99.63 billion during the year.
Rabiu commended the foreign exchange reforms of the central bank for the current relative stability in the naira exchange rate.
He described the new foreign exchange regime as more transparent and market-driven unlike the previous one which created scarcity and forced traders to seek favours to get foreign exchange.
“Before now, I used to visit the CBN every two weeks to lobby for foreign exchange as that was the only way to survive,” he said.
The BUA chairman said that although exchange rates in the old system were significantly cheaper, but companies were not getting dollars to buy.
“Although the naira exchange rate to the dollar was stable at between N500 to N600, but you cannot get to buy. However, you will get on the street at close to N1,000,” he said.
