BUA Foods Plc has announced a revenue of N729.4 billion for the 2023 financial year, a 74.4% rise compared to the previous year. The update was shared by the company’s Chairman, Alhaji Abdul Samad Rabiu, during the 3rd Annual General Meeting in Abuja on Thursday.
Rabiu highlighted significant progress despite economic hurdles. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased by 83.6%, reaching N215.7 billion from N117.5 billion in 2022. The profit for the year grew to N112.1 billion, despite rising input costs.
Rabiu also reported a 22.9% rise in earnings per share, from N5.07 in 2022 to N6.23. He further announced a proposed dividend of N5.50 per share, reaffirming the company’s commitment to delivering value to its shareholders.
The Chairman discussed the challenges faced during the year, including supply chain disruptions, foreign exchange volatility, rising costs, and the need for digital transformation. Despite these obstacles, Rabiu said BUA Foods managed to ensure operational continuity and maintain strong governance.
Looking ahead, Rabiu emphasized the company’s strategy to diversify its product portfolio and expand market reach while maintaining product affordability. He reaffirmed BUA Foods’ commitment to supporting the Federal Government’s efforts in moderating food prices.
In response to shareholder requests, Rabiu pledged to explore scholarship opportunities for shareholders’ children. He also stated that BUA Foods is working towards becoming the largest pasta producer in Nigeria.
Credit: NAN (Text Excluding Headline)
