..…Posts ₦265.9bn Profit After Tax
By Emma Ujah, Abuja Bureau Chief & Favour Isaac
BUA Foods Plc has announced a revenue of ₦1.53 trillion for the financial year ended December 31, 2024, with profit after tax rising 137% to ₦265.9 billion from ₦112 billion in 2023.
At its 4th Annual General Meeting in Abuja, shareholders approved a dividend of ₦13 per share—up 136% from the ₦5.50 declared in the previous year. Chairman Abdul Samad Rabiu described BUA Foods as the most capitalized food company on the Nigerian Exchange (NGX).
Rabiu said the company was expanding its pasta facility with nine new long-cut pasta lines and investing in four new wheat milling plants to boost flour capacity. He added that BUA’s sugar project was on track, noting the initiatives would create jobs, strengthen food security, and support economic growth.
Managing Director, Engr. Ayodele Abioye, attributed the performance to strategic investments in production, diversification, and market expansion, despite economic volatility.
Shareholders’ groups applauded the company’s performance and leadership. BUA Foods also highlighted its role in helping reduce rice prices from over ₦100,000 per 50kg bag two years ago to about ₦60,000–₦65,000.
Rabiu reaffirmed BUA Foods’ commitment to food security, backward integration, and stakeholder collaboration, while commending government efforts at stabilizing the foreign exchange market, which he said has boosted investor confidence.
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