Despite posting a profit after tax of N265.9 billion, BUA Foods Plc recorded N1.53 trillion for its 2024 operating year, which ended on December 31, 2024. This represents a 137% increase over the N112 billion recorded during the same period the year before.
At the meeting, shareholders approved a dividend of N13 per share, a 136% increase over the N5.50 paid out the year before.
During yesterday’s 4th Annual General Meeting in Abuja, the company’s Chairman, AbdulSamad Rabiu, revealed this to shareholders. He said: “We remained steadfast in our operations and achieved notable progress on key strategic initiatives geared towards addressing food supply challenges and promoting food security.
“As part of our strategic growth roadmap, we have initiated a significant expansion of our pasta production facility. This expansion will introduce nine new long-cut pasta lines, effectively doubling our annual capacity,” he added.
Continuing, he revealed that with four cutting-edge wheat milling facilities, the Company intended to significantly increase the flour division’s capacity. He added: “This initiative will boost our milling capacity significantly. Furthermore, our sugar agricultural project is on track for delivery given the need to accelerate its completion. Upon delivery, these projects will not only strengthen our manufacturing capabilities and reinforce our market leadership but will also create new job opportunities, contributing positively to national economic development.
“As we navigate an evolving business landscape, we remain confident in our ability to seize opportunities, manage risks, and drive long-term sustainable growth,” he added.
Futhering, Engineer Ayodele Abioye, Managing Director of BUA Foods, has this to say in his remarks: “BUA Foods’ strategic investments in production systems, market penetration, and product diversification have been key drivers of our resilient growth amid a volatile economic environment over the past year. Our ability to remain both focused and adaptable has enabled us to deliver on our strategic priorities.”
BrandSpur Nigeria news desk reports that he went on to say that the board, suppliers, employees, customers, and shareholders all contributed to the company’s success, with their dedication being essential to BUA Foods’ operations.
The Association of the Advancement of the Rights of Nigerian Shareholders President, Dr. Faruk Umar, also spoke and called the performance “a remarkable growth.”
Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association, praised the Chairman for his inspiring leadership during her remarks regarding the dividend payout.
