In the first nine months of its fiscal year 2022, BUA Cement Plc, a rapidly expanding cement business owned by Nigerian billionaire Abdul Samad Rabiu, paid its workers a staggering $10.7 million in salaries.
The cement company paid out a total of $10.7 million in pay and wages to its employees throughout the review period. Rabiu, Nigeria’s second-richest man behind fellow billionaire Aliko Dangote, owns a portion of the business.
The $9 million that it distributed to its staff during the first nine months of 2021, when profit exceeded $145 million, represents an increase of 19.8%.
A breakdown of the $10.7 million salary package
Employees working directly on the production of cement in the company’s plants received a salary of $7 million as part of the $10.7 million compensation package given to them during the first nine months of 2022. Support staff members who provided services to the group’s operations received a total pay of $3.7 million.
Additionally, the rapidly expanding cement business gave bonuses to its staff totalling $1.75 million, which is 8.5% less than what was given out at the same time the year prior.
Based in Lagos, BUA cement is the second-largest cement manufacturer in Nigeria, which has an annual operating capacity of 8 million metric tonnes. One of Africa’s richest billionaires, Rabiu makes the most of his money through his 92 percent ownership in BUA Cement.
As cement sales surged by double digits, the largest cement manufacturer’s profit numbers increased by 12.3% over the first nine months of its 2022 fiscal year, from $145 million during the same period in 2021 to $168.4 million.
The cement manufacturer is thinking about applying for a loan from the International Finance Corporation to expand its Kalambaina cement plant in Sokoto State, raising the plant’s nameplate capacity from 2 million metric tonnes per year to 8 million metric tonnes per year, as well as developing ancillary utilities, as part of its efforts to increase earnings and valuation.
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