BUA Foods reports N729bn revenue surge, announces N5.50 dividend 

By Lucy Ogalue

BUA Foods Plc has reported a revenue of N729.4 billion for the financial year 2023, reflecting a remarkable 74.4 percent increase compared to its 2022 revenue.

At the company’s 3rd Annual General Meeting held on Thursday in Abuja, the Chairman of BUA Foods, Alhaji Abdul Rabiu, highlighted the company’s progress despite prevailing economic challenges.

“Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) surged by 83.6 percent, reaching N215.7 billion, up from N117.5 billion in 2022. Profit for the period rose to N112.1 billion, even amid escalating input costs,” Rabiu noted.

He further revealed that earnings per share increased by 22.9 percent, rising from N5.07 in 2022 to N6.23, and announced a proposed dividend of N5.50 per ordinary share.

“This affirms our commitment to delivering consistent value to our shareholders,” he added.

Rabiu identified key challenges faced by the company, including supply chain complexities, foreign exchange volatility, rising cost pressures, and the need for digital transformation.

“We have effectively managed these risks, ensuring operational continuity and mitigating potential disruptions. We are also focused on optimizing our governance and internal processes to maintain excellence in a rapidly changing world,” he stated.

The Chairman reaffirmed management’s dedication to product diversification and market expansion while striving to penetrate new markets. He emphasized enhancing product accessibility on a retail scale while ensuring affordability for customers, aiming to strengthen the company’s commitment to meeting basic human nutritional needs.

“As we navigate the dynamic business landscape, we are confident in our ability to unlock opportunities, mitigate risks, and drive sustainable growth in the years ahead,” he said.

In response to shareholders’ requests, the Chairman pledged to work towards providing scholarships for the children of shareholders.

Rabiu reiterated management’s efforts to enhance the visibility of the company’s products, stating that BUA Foods aims to become the largest producer of pasta in Nigeria.

He also emphasized the company’s commitment to supporting the Federal Government and contributing to the moderation of food prices across the nation.