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BUA Cement Plc, Nigeria’s cement producer, has lost N74.3 billion in assets, making its assets worse than in the Covid-19 era.
The company’s assets plummeted to N692.04 billion in the first nine months of 2021, down from N766.3 billion in September of last year due to the Covid epidemic.
According to the company’s third-quarter results report, BUA Cement presently has N55.18 billion in cash and short-term reserves, a record decrease from N123.82 billion in September last year.
Despite the manufacturer’s asset decline, BUA’s income increased to N62.6 billion, up from N55.28 billion. Profits increased to N22.5 billion in September 2020, up from N18.74 billion in September 2020.According to BUA, its free float value as of September 30th, 2021 is N37,708,627,968.
Abdulsamad Rabiu’s company is one of the companies trading on the Nigerian Exchange Limited, with shares worth trillions of dollars. The cement company is worth N2.4 trillion on the market.
Story by : Norvisi Mawunyegah