Abdul Samad Rabiu Acquires Additional 45 Million Shares in BUA Cement

Chairman of BUA Cement Plc, Alhaji Abdul Samad Rabiu CFR, has purchased an extra 45 million shares in BUA Cement shares valued at N3.8 billion. 

The 45 million shares acquired by the business mogul represent 0.13% of the company's total outstanding shares. 

Abdul Samad Rabiu's direct shareholding has increased from 19,044,995,225 units as of December 31, 2022, to 19,089,995,225 units, or 56.37%, as a result of the transaction.

Abdul Samad Rabiu Net Worth on Forbes List

He also has a 39.75% stake in BUA Industries Limited, which he owns indirectly. This makes his overall stake to be 96.12%, which is worth N3.22 trillion. 

According to the report, the transaction was completed on June 26th, 2023, and according to the notice signed by Company Secretary Hauwa Satomi on July 25th, 2023—the 45 million BUA Cement shares were purchased at N85 per share. 

Abdul Samad Rabiu Ranking on Forbes List

Company Performance

According to the reports of the Company's 2023 Q1 earnings, BUA Cement Plc got a pre-tax profit of N35.46 billion. 

This profit represents a 16.79% decrease from the N42 billion recorded by the same time in 2022. The decrease in pre-tax profits was caused by higher raw material costs as a result of growing inflation and naira depreciation. 

The company's sales from bagged cement products increased by 9.6% to N106.35 billion from N97 billion in the same period last year.