Abdulsamad Rabiu, the chairman of BUA Group, has achieved a new milestone by increasing his net worth to $7 billion. Rabiu’s net worth climbed by $500 million in the previous month, going from $6.5 billion on September 11 to $7 billion, according to Forbes.
The performance of his 96.29 percent share in BUA Cement, the flagship business of the BUA Group, is the main factor causing Rabiu’s wealth to increase at this rate. Shares of the top cement manufacturer have significantly increased; as of the time of this article, they were worth N105.8 ($0.137) as opposed to N96.15 ($0.125) on September 11.
Following the company’s announcement of a considerable decrease in ex-factory cement pricing, there has been a noticeable surge in the price of BUA Cement’s shares. It is projected that this strategic pricing change will have a significant impact on the industry’s competitive environment, benefiting customers and possibly changing market dynamics.
The decrease in cost lowers the ex-factory cement price for a bag of BUA Cement to N3,500 ($4.55), demonstrating the business’ dedication to providing affordable prices. The company’s revenue per ton may be impacted by this decision, but it is anticipated to increase BUA Cement’s market share.
BUA Cement is positioned to use its increased production capacity to gain a larger share of the cement market.
The group’s income and profits may significantly increase as a result of this heightened market presence. The recent increase in the share price of BUA Cement on the Nigerian Exchange can be attributed in part to market sentiment surrounding these prospects.
BUA Cement also stated that it would perform another pricing assessment in line with its previous announcements after its ongoing plant construction projects, which are expected to boost production levels to 17 million metric tons per year, are finished. The first quarter of 2024 is anticipated to be the time for this evaluation.