BUA Cement has announced a ₦2 per share dividend to its shareholders at its 8th Annual General Meeting (AGM).
The BUA Cement dividend reflects the company’s commitment to rewarding investors despite a 54% year-over-year decline in pre-tax profit due to foreign exchange expenses.
During the AGM, the board ratified key appointments and re-elected members, ensuring continuity in leadership. The company also released its second-quarter results for 2024, showcasing a 77% year-over-year increase in revenue for the period ending 30th June 2024.
Despite the revenue boost, foreign exchange costs led to a significant drop in pre-tax profit. Nonetheless, the company approved the audited financial statements for the year ended 31st December 2023, along with reports from the directors, auditors, and audit committee.
The AGM also disclosed remunerations in compliance with Section 257 of CAMA 2020, with non-executive directors receiving ₦9.1 million and independent non-executive directors ₦10.4 million for the year ending December 2024. The chairman’s remuneration was set at ₦13 million.
Additionally, the company passed a resolution concerning transactions with related parties, granting a general mandate for all recurring transactions necessary for daily operations. New appointments include Ganiat Adetutu Siyonbola as an independent non-executive director and Chikezie Ajaero as Executive Director.
Chairman Abdul Samad Rabiu emphasised BUA Cement’s dedication to delivering shareholder value, reaffirming the company’s commitment to efficient operations despite challenges posed by foreign exchange expenses.
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