…Declares N13 dividend per share
By Emma Ujah & Favour Isaac
BUA Foods Plc recorded N1.53 trillion in its 2024 operational year ended December 31, 2024, even as it posted N265.9 billion in profit after tax, marking a 137% growth from N112 billion recorded during the corresponding period in the previous year.
Chairman of the company, AbdulSamad Rabiu, disclosed this while addressing shareholders at the company’s 4th Annual General Meeting in Abuja, yesterday.
At the meeting, shareholders approved a dividend of N13 per share, representing a 136% increase from N5.50 paid in the previous year.
According to the chairman, “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.”
Rabiu said the company planned a major capacity expansion of flour division with four state-of-the-art wheat milling plants.
“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.
In his remarks, Managing Director, BUA Foods, Engr. Ayodele Abioye said: “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.”
He described the success of the as the result of a collective effort of shareholders, board, suppliers, employees and customers, whose commitment was fundamental to BUA Foods performance.
Speaking on the dividend payout, Mrs. Bisi Bakare, National Coordinator Pragmatic Shareholders Association applauded the Chairman for his visionary leadership.
Also speaking, Dr. Faruk Umar, President of the Association of the Advancement of the Rights of Nigerian Shareholders, described the performance as “a remarkable growth.”
The post BUA Foods records N1. 5trn income in 2024 appeared first on Vanguard News.
