Abdul Samad Rabiu, BUA Cement’s Chairman, has revealed that he has parted from his pool of shares, worth almost two billion Naira for some of his selected employees.
Brand News Day gathers that BUA Cement Plc‘s Chairman made this giant stride in recognition of the selected staffers’ efforts to upsurge the company’s profit despite the hard-stroke pandemic in 2020.
As the largest shareholder and Chairman of Nigeria’s second-largest publicly listed manufacturing company, Mr Rabiu’s two billion naira divided shares to those selected staff was handy due to the Profit After Tax of N72.3billion representing a 19.4% increase over the corresponding period in 2019.
Notably, in spite of the ravaged COVID-19, BUA Cement outlived as 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.
According to the office of Mr Rabiu, 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.
The statement reads; “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”.
Also, despite the pandemic and continuous setback in the global economy, BUA Cement Plc declared a 19.3percent increase in revenues to N209.4b in 2020 from N175.5 billion, as of FY2019. The company also declared Profits After Tax of N72.3billion representing a 19.4% increase over the corresponding period in 2020.
This placed the company as one of the most profitable companies in Nigeria in the post-COVID period, declared by the Nigeria Stock Exchange (NSE).
Abdul Samad Rabiu, CON., is the Chairman of BUA Cement Plc. He is also the founder and Chairman of BUA International Limited – a food, mining and infrastructure conglomerate which he established in 1988 with business interests in Cement Manufacturing, Sugar Refining and Plantations, Rice, Flour Milling & Pasta Production, Oil & Gas, Construction, Real Estate and Logistics. Abdul Samad Rabiu studied Economics at Capital University, Columbus, Ohio, USA and he holds the Nigerian National Honour of ‘Commander of the Order of the Niger’ (CON).
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