BUA Foods, one of Nigeria’s leading food processing and manufacturing companies, has reported a 22.72% increase in its profit after tax for the fiscal year 2023.
According to the company’s annual report and financial statements, BUA Foods recorded a N112.1 billion profit after tax compared to N91.3 billion in the previous year.
This surge in profit can be attributed to the company’s impressive revenue growth which soared by 74.36% to N729.44 billion in 2023.
In light of this outstanding performance, the Board of Directors has recommended a dividend payment of N5.50 per ordinary share of 50 kobo. This represents an increase from the N4.50 dividend declared in the preceding year.
The founder of BUA Foods, Abdul Samad Rabiu, owns 89.85% direct shares in the company and another 2.78% indirectly.
Shareholders stand to receive approximately N99 billion in dividends, reflecting the company’s commitment to rewarding investors for their continued support and confidence.
Despite facing challenges such as increased net finance costs, which surged by 1,030%, BUA Foods has managed to strengthen its financial position with total assets reaching N1.07 trillion in 2023 compared to N607.22 billion in the previous year.
Moreover, BUA Foods has been proactive in its investment initiatives, particularly in its integrated sugar estate in Lafiagi, Kwara State.
With investments exceeding $200 million in the project, the company aims to reduce its dependency on foreign exchange for raw materials and contribute to the development of Nigeria’s agricultural sector.
