BUA Foods Plc has declared revenue of N729.4 billion, an increase of 74.4 per cent relative to the company’s revenue in 2022.
The Chairman of BUA Foods, Abdul Rabiu, announced this at the 3rd Annual General Meeting of the company in Abuja on Thursday, September 26, 2024.
While presenting the annual report and accounts of BUA Foods for the financial year 2023, Rabiu said the company made some progress despite economic challenges.
He said: “Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased by 83.6 per cent to N215.7 billion from N117.5 billion for 2022. Profit for the period grew to N112.1 billion amid rising input costs.
“Our earnings per share increased by 22.9 per cent from N5.07 in 2022 to N6.23 and we are pleased to announce a proposed dividend of N5.50 per ordinary share.
“This affirms our commitment to delivering consistent value to shareholders.”
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Rabiu named some of the prominent risks encountered to include supply chain complexities, foreign exchange volatility, rising cost pressures, and the imperative of digital transformation.
The billionaire businessman added: “We have effectively managed these risks, ensuring operational continuity and mitigating potential disruption.
“We are also focusing on the optimisation of our governance and internal processes to maintain excellence in a fast-changing world.”
The BUA chairman expressed the commitment of the company to driving product diversification and market expansion while penetrating new markets.
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He said the company would further enhance the accessibility of its products on a retail scale while maintaining affordability for customers.
Rabiu said this would help strengthen the company’s drive to meet basic human needs for nourishment.
“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 to come,” Rabiu stated.
While reacting to pleas by shareholders, the BUA boss pledged to work towards ensuring the provision of scholarships for the children of shareholders.
Rabiu, who reiterated efforts of BUA Foods to expand the visibility of the company’s products, said the company was working towards being the largest producer of pasta in the country.
He added that BUA Foods was committed to supporting the federal government and Nigerians by contributing to the moderation of food prices in the country.
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