Business
BUA Cement posts N460bn in FY 2023
The management of BUA Cement Plc has announced an increase in net revenue of N460 billion in 2023, a 27.4 per cent increase from the N361 billion recorded in 2022.
Chairman of BUA’s Board of Directors, AbdulSamad Rabiu, during its eighth AGM, said the company improved its capacity utilisation to 61.2 per cent in 2023 from 59.8 per cent in 2022 due to an increase in cement volumes dispatched.
He said the increase in volumes dispatched also increased market share but that profit after tax declined by 31.2 per cent due to foreign exchange losses.
He said, “Furthermore, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose to N169bn from N155bn recorded in the prior year.
However, profit after tax declined by 31.2 per cent to N70bn from N101bn recorded in the corresponding period in 2022.
This was impacted by foreign exchange losses, which arose from the devaluation and the continued depreciation of the naira.”
While disclosing that the company was committed to shareholder value despite the reduction in its bottom line, he announced a dividend of N2 per share for the year ended December 31, 2023, to be distributed to shareholders.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,416 Sell ₦1,423
GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN Exchange Rates
US DOLLAR (USD) ₦1,357. 65
GREAT BRITISH POUND (GBP) ₦1,834.04
EURO (EUR) ₦1,567.00
SWISS FRANC (CHF) ₦1,671. 98
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦201. 34
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.02
SAUDI RIYAL (SAR) ₦361.62
SOUTH AFRICAN RAND (ZAR) ₦84.23
Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
HAPPENING NOW: Security Beefed up at INEC Office in Osun Ahead of Saturday’s Governorship Election
Gov Mbah Invest in world-class Enugu International Hospital
Committees hit the ground running for 8th Kwara State Sports Festival
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Business2 days agoFG approves tax waivers for 4,000 electric vehicles
-
Business2 days agoGuaranty Trust Bank doubles naira card international spending limit to $40,000
-
Business2 days agoAzikel Refinery in Bayelsa Set To Add 25,000 bpd To National Capacity
-
Business2 days agoNigeria’s oil production dropped by 4% in July – NUPRC
-
Business2 days agoNaira Exchange Rates Thursday, August 13
-
Sports2 days agoKatsina United player declared dead found alive in mortuary
-
Business3 days agoNaira Exchange Rates Wednesday, August 12
-
Sports2 days agoNBA’s Los Angeles Lakers to be sold for $12.5bn – Report