Shareholders of BUA Foods Plc have approved the proposed final dividend payment of N5.50k per share.
The indigenous food manufacturing firm also posted revenue of N729.4bn, a 74.4% increase compared to the previous year.
At the 3rd Annual General Meeting (AGM) held in Abuja last week, the Chairman of the Board, Abdul Samad Rabiu, commended the shareholders for their undaunted commitment to the company’s shared vision.
According to the result, profit after tax showed an impressive year-on-year growth, up 23%, from N91bn reported in 2022 to N112bn in 2023.
Rabiu highlighted BUA Foods’ strategic focus on capacity expansion, and market penetration coupled with sound governance, yielded significant success.
He said: “Last year we successfully expanded and commercialised additional capacity in flour, pasta, and rice divisions, resulting in impressive volume growth across these divisions and overall strong business performance. With recent strategic agreements and new facilities planned for completion next year, we will become the country’s biggest pasta and flour milling company.
“Our performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance. We are also focused on the optimisation of our internal processes to maintain excellence in a fast-changing world. With the dedication of our management and staff, we will continue to deliver exceptional value to all stakeholders.”
Speaking further on growth ambitions, Rabiu said, “In 2024, we remain focused on accelerating efforts towards the completion of our Backward Integration Project in line with the extended Federal Government’s Sugar Master Plan 2.0, aimed at attaining self-sufficiency in the sugar sector.
“Additionally, we seek to further address key challenges in Nigeria’s rice production industry by enhancing local production, empowering farmers, and promoting sustainable practices. This project will contribute to food security, economic development, and environmental sustainability.”
Managing Director, BUA Foods, Dr. Ayodele Abioye said, “Despite the challenging macroeconomic environment, we made good progress across key strategic pillars of expanding capacity, markets, products, and package offerings as well as expanding business capabilities with a focus on operational excellence, innovation, and sustainable growth.
“We will continue to leverage technology, innovation, and operational efficiencies to drive value creation and maintain a solid growth trajectory. We are committed to reinforcing our leadership as a home-grown food business with purpose.”
