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BUA Cement declares ₦2 per share dividend, showing resilience amid FX challenges.
BUA Cement declares ₦2 per share dividend, showing resilience amid FX challenges.
BUA Cement has declared a ₦2 per share dividend at its 8th Annual General Meeting on August 29, 2024, despite facing foreign exchange challenges.
The company reported a 77% year-over-year revenue increase for the second quarter ending June 30, 2024, but suffered a 54% decline in pre-tax profit due to FX costs. Nevertheless, a dividend of ₦2 per share of 50 kobo for the year ending December 31, 2023, has been approved.
In other resolutions, the audited financial statements for the year ending December 31, 2023, were ratified, and the directors were authorized to compensate the auditors for 2024. Remuneration for management was disclosed per CAMA 2020, with non-executive directors earning ₦9.1 million, independent non-executive directors ₦10.4 million, and the chairman ₦13 million. A resolution was also adopted concerning related party transactions, granting a general mandate for recurring revenue and operational transactions.
The meeting included the appointment of Ms. Ganiat Adetutu Siyonbola as an independent non-executive director and Mr. Chikezie Ajaero as an executive director. Mr. Chimaobi Madukwe, Mr. Kabiru Rabiu, and Mr. Abdul Samad Rabiu, CFR, were re-elected as directors. The statutory audit committee for 2024 will comprise shareholder representatives Mr. Ajibola Ajayi, Mr. Kabiru Tambari, and Mr. Oderinde Taiwo, alongside board representatives Mr. Kabiru Rabiu and Ms. Siyonbola.
Chairman Abdul Samad Rabiu emphasized the company’s commitment to delivering value to shareholders while navigating foreign exchange challenges and the broader business environment.
