BUA Cement Plc
Annual report and financial statements For the year ended December 31, 2021
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BUA Cement Plc |
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Annual report and financial statements |
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For the year ended December 31, 2021 |
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Contents |
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Company Information |
3 |
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Directors’ report |
4 – 8 |
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Corporate Governance Report |
9 – 18 |
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Audit committee report |
19 – 21 |
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Statement of Directors’ Responsibilities |
22 |
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Statement of Corporate Financial Reporting Responsibilities |
23 |
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The independent auditor’s report |
24 – 27 |
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Statement of net income and other comprehensive income |
28 |
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Statement of financial position |
29 |
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Statement of changes in equity |
30 |
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Cash flow statement |
31 |
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Notes to the financial statements |
32 – 83 |
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Other National Disclosures: |
84 |
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Statement of added value |
85 |
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Five-year financial summary |
86 |
Annual report and financial statements For the year ended December 31, 2021
Company Information
Business Number
RC 1193879
board of directors
Abdulsamad Rabiu CON Yusuf Haliru Binji Jacques Piekarski Kabiru Rabiu Chimaobi Madukwe Finn Arnoldsen Shehu Abubakar Khairat A. Gwadabe
Company Secretary
Abubakar Magaji
32 Churchgate Street Victoria Island Lagos
Registration desk
32 Churchgate Street Victoria Island Lagos
Factory locations
Km 164 Benin-Okene Okpella Highway
Edo State
Km 10 Kalambaina Road Sokoto State
independent auditor
PricewaterhouseCoopers Iconic Towers
5B Water Corporation Road Victoria Island
Lagos
Main bankers
Ecobank Nigeria Limited First Bank of Nigeria Limited Guaranty Trust Bank Plc United Bank for Africa Plc Union Bank of Nigeria Plc Access Bank Plc
First City Monument Bank Limited Polaris Bank Limited
Nigerian Nigerian Swiss Nigerian Nigerian Norwegian Nigerian NigerianChairman Managing Director Chief Financial Officer Non-Executive Director Non-Executive Director Non-Executive Director Independent Non-Executive Director Independent Non-Executive DirectorStanbic IBTC Plc Fidelity Bank Plc
Nova Merchant Bank Limited Coronation Merchant Bank Limited Keystone Bank Limited
Standard Chartered Bank Nigeria Limited Zenith Bank Plc
Annual report and financial statements For the year ended December 31, 2021
Directors’ report
The Directors are pleased to present their annual report together with the financial statements of BUA Cement Plc (“the Company”) for the year ended 31 December 2021.
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1 Legal status
BUA Cement Plc was incorporated as a limited liability company on May 30, 2014 and commenced operations in August 2015. The company was converted from a limited liability company to a limited liability company on May 16, 2019, as a prelude to a merge program. . The company merged with the defunct Cement Company of Northern Nigeria Plc under a merger plan on December 23, 2019 and was listed on the Nigerian Stock Exchange on January 9, 2020.
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2 Main activities
The principal activities of the Company are the manufacture and sale of cement to the general public.
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3 result of the year
the Business the results for the year ended December 31, 2021 are shown on page 28. Profit for the year was transferred to retained earnings. The summarized results are presented below:
December 31st
December 31st
2021
2020
N’000
N’000
Income from contracts with customers
257 327 091
209 443 487
Profit before tax
102 873 325
78 873 498
Income tax and deferred tax expense
(12,794,314)
(6,529,162)
Profit after taxes
90 079 011
72,344,336
4 Declaration of dividend
The board of directors (“the board”) recommends for shareholders’ approval the payment of a dividend of N2.6k for 1 ordinary share of 50 kobo each, out of the profits declared during the financial year ended on December 31, 2021 (2020: 2.067k).
If approved, dividends paid to shareholders will be subject to withholding tax at the appropriate rate at the time of payment.
5 Directors and interests of directors
The names of the directors at the end of the financial year and the date of this report are as indicated in the company information page.
The direct and indirect interests of the Directors in the issued share capital of the Company, as recorded in the Register of Directors The shareholding and notified by directors to comply with Section 301 of the Companies and Related Matters Act 2020 and the listing requirements of the Nigerian Exchange Group are given below.
Annual report and financial statements For the year ended December 31, 2021
Directors’ report
5 Directors and interests of directors (continued)
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December 31, 2021 |
December 31, 2020 |
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Number of Shares held |
Number of Shares held |
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Direct holding Abdul Samad Rabiu Yusuf H. Binji, FNSE. Kenneth Chimaobi Madukwe Kabiru Isyaku Rabiu Representing – – Finn Arnoldsen Alhaji Sheu Abubakar Jacques Piekarski Indirect holding Abdul Samad RabiouDamnaz Cement Company Limited BUA Industries Limited BUA International Limited BUA Cement Company Limited Total |
19,044,995,225 827,093 820,000 820,000 820,000 450 820,000 637,403,152 19,166,766 – 13,562,681,069 33,268,353,755 |
19,044 995,225 7,093 – – – – – 637,403,152 – 74,218,444 11,490,595,760 31,247,219,674 |
The Directors have complied with the provisions of Section 277 of the Companies and Related Matters Act at the date of this report.
6 Statistical analysis of shareholding as of December 31, 2021
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Shareholding range |
Number of Shareholders |
Incumbent % |
Cumulative Holders |
Units |
Units % |
Accumulated units |
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1-1000 |
21,526 |
60.58% |
21,526 |
8,169,854 |
0.02% |
8,169,854 |
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1001-5000 |
9,526 |
26.81% |
31,052 |
20,905,801 |
0.06% |
29,075,655 |
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5001-10000 |
1,638 |
4.61% |
32,690 |
11,998,497 |
0.04% |
41 074 152 |
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10001-50000 |
2,241 |
6.31% |
34,931 |
54 129 265 |
0.16% |
95 203 417 |
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50001-100000 |
295 |
0.83% |
35,226 |
20,872,024 |
0.06% |
116 075 441 |
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100001-500000 |
218 |
0.61% |
35,444 |
49,449,578 |
0.15% |
165 525 019 |
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500001-1000000 |
43 |
0.12% |
35,487 |
30,440,399 |
0.09% |
195 965 418 |
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1000001-999999999999 |
44 |
0.12% |
35,531 |
33,668 388,642 |
99.42% |
33,864,354,060 |
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35,531 |
100% |
33,864,354,060 |
100% |
Substantial interest in shares
According to the register of members as of December 31, 2021, no individual shareholder held more than 5% of the issued share capital of the Company except for the following:
No.
of
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Shareholders |
shares held |
% of shareholding |
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Rabiu Alhaji Abdulsamad |
19,044,995,225 |
56.24% |
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BUA Industries Limited |
13,562,681,069 |
40.05% |
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Warning
BUA Cement plc published this content on March 29, 2022 and is solely responsible for the information contained therein. Distributed by publicunedited and unmodified, on March 29, 2022 4:43:02 PM UTC.
Public now 2022
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Evolution of the income statement
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To sell  To buy |
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| Medium consensus | UNDERPERFORMANCE |
| Number of analysts | 2 |
| Last closing price | NGN70.75 |
| Average target price | 50.42 NGN |
| Average Spread / Target | -28.7% |
