Home Business BUA Foods will be Nigeria’s biggest flour, pasta milling company in 2024 says Abdul Samad Rabiu
Business - September 27, 2024

BUA Foods will be Nigeria’s biggest flour, pasta milling company in 2024 says Abdul Samad Rabiu

(L-R): The Managing Director of BUA Foods Plc., Engr. Ayodele Abioye (PhD), and Chairman of BUA Foods Plc., Abdul Samad Rabiu, CFR, CON at the third Annual General Meeting held in Abuja on Thursday, September 26, 2024.

Abdul Samad Rabiu, Chairman of BUA Foods Plc, said the company’s performance is a testament to the resilience of its business strategies, underpinned by a culture of strong corporate governance.

According to him the company also focuses on the optimisation of its internal processes to maintain excellence in a fast-changing world.

The indigenous food manufacturing giant announced an impressive financial performance as it recorded a revenue of ₦729.4bn, a 74.4% increase compared to the previous year.

Profitability remained strong, demonstrating its resilience amidst evolving market dynamics, especially rising input costs. Profit after tax showed an impressive year-on-year growth, up 23%, from N91bn reported in 2022 to ₦112bn in 2023.

Meanwhile, shareholders at the 3rd Annual General Meeting (AGM) of BUA Foods Plc, on Thursday, 26 September 2024, approved the proposed final dividend payment of ₦5.50k per share.

Addressing the shareholders during the meeting, the Chairman of the Board, Abdul Samad Rabiu, said with the dedication of “our Management and staff, we will continue to deliver exceptional value to all stakeholders.”
He thanked them for their undaunted  commitment to the company’s shared vision. He mentioned that BUA Foods’ strategic focus on capacity expansion, and market penetration coupled with sound governance, yielded significant success.

“Last year we successfully expanded and commercialised additional capacity in flour, pasta, and rice divisions, resulting in impressive volume growth across these divisions and overall strong business performance. With recent strategic agreements and new facilities planned for completion next year, we will become the country’s biggest pasta and flour milling company.

Speaking further on growth ambitions, Rabiu said, “In 2024, we remain focused on accelerating efforts towards the completion of our Backward Integration Project in line with the extended Federal Government’s Sugar Master Plan 2.0, aimed at attaining self-sufficiency in the sugar sector.

“Additionally, we seek to further address key challenges in Nigeria’s rice production industry by enhancing local production, empowering farmers, and promoting sustainable practices. This project will contribute to food security, economic development, and environmental sustainability.”

Also commenting, the Managing Director BUA Foods, Engr. Ayodele Abioye (PhD), said, “Despite the challenging macroeconomic environment, we made good progress across key strategic pillars of expanding capacity, markets, products, and package offerings as well as expanding business capabilities with a focus on operational excellence, innovation, and sustainable growth.

Speaking on the dividend pay-out, a shareholder, Mrs. Bisi Bakare, expressed her delight at the exceptional performance of the company.

She remarked, “We shareholders are very pleased today to receive a final dividend of N5.50 kobo from BUA Foods.
“I appreciate the board for putting smiles on our faces in this hard time. Declaring a N5.50k dividend despite the economic climate is very commendable and this has encouraged us to want to invest more.”

Do you have a compelling story to tell? Contact us via our email: espinewsng@gmail.com or call/WhatsApp on 08032519246.

Leave a Reply

Your email address will not be published. Required fields are marked *