(Industrial Times)
BUA Cement Plc has resolved to dedicate about 400 truck load of cement supplies to South West market to address scarcity of the product in that region.
AbdulSamad Rabiu, the Chairman of BUA Cement, disclosed this during the company’s 8th Annual General Meeting (AGM) in Abuja, on Thursday.
Rabiu said that the company’s new cement line of 3 million metric tonnes per annum at Obu in Edo state will be able to supply about 150,000 tons solely dedicated to serve the South West when operational.
He said that the company’s earlier plan to crash cement price to N3,500 (per bag) was frustrated by greedy middlemen (dealers) as well as lack of cooperation from other producers.
Rabiu also said that high energy costs, naira devaluation, and removal of fuel subsidy elevated the cost of cement production and inflated price of the commodity.
Consequently, the price of cement has increased significantly, from between N3,500 and N4,000 as at last year, to N11,000 at some point, although it has moderated to about N6,000 per bag recently.
Rabiu also told the shareholders that the company recorded a strong revenue growth of N460 billion, up 27.4% from N361 billion recorded in 2022