BUA Cement Plc released its unaudited second quarter result for the period ended June 30th, 2024,  reporting a 55.8% year-on-year decline in earnings per share (EPS) to N0.48.

Despite a 76.8% year-on-year surge in revenue to N202.81 billion, the company faced considerable cost pressures, leading to a decline in gross margin and EBITDA margin.

The robust revenue growth was attributed to improved sales volumes, expanded production capacity, and higher cement prices.

However, the company faced challenges from increased costs, including raw material costs and energy costs, driven by inflationary pressures, currency weakness, and high diesel costs.

The company reported a net foreign exchange loss of N29.92 billion, which significantly impacted its profit before tax, leading to a 54.0% year-on-year decline to N18.84 billion.