BUA Cement Plc has reported a decline in profit for the 2023 financial year, attributing the slump to a substantial foreign exchange loss totaling N69.96 billion. The company disclosed a profit before tax of N67.23 billion, representing a 44% decrease from N120.15 billion recorded in the previous year. Similarly, profit after tax declined to N69.45 billion from N101.01 billion in 2022, primarily due to a significant increase in foreign exchange losses compared to the previous year’s figures.

Despite the profit decline, the company’s board of directors has recommended a dividend payment of N2.00 per...

https://ratecaptain.com/bua-cement-reports-profit-slump-due-to-n69-96bn-foreign-exchange-loss/