At its 3rd Annual General Meeting held in Abuja on Thursday, BUA Foods Plc announced a remarkable revenue increase of 74.4%, reaching N729.4 billion compared to the previous year. Chairman Alhaji Abdul Rabiu highlighted this achievement amid ongoing economic challenges.
Presenting the company’s 2023 Annual Report, Rabiu noted that Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose by 83.6% to N215.7 billion, up from N117.5 billion in 2022. The profit for the period increased to N112.1 billion, despite rising input costs. The earnings per share also saw a boost of 22.9%, climbing from N5.07 to N6.23, and a proposed dividend of N5.50 per ordinary share was announced, reaffirming the company’s commitment to delivering shareholder value.
Rabiu addressed several challenges faced by the company, including supply chain complexities, foreign exchange fluctuations, and escalating cost pressures. He emphasized the company’s effective management of these risks to ensure operational continuity.
Looking ahead, he stressed the importance of product diversification and market expansion, aiming to enhance product accessibility while maintaining affordability for customers. This strategy is part of BUA Foods’ commitment to meeting fundamental nutritional needs.
In response to shareholder concerns, Rabiu pledged to explore scholarship opportunities for the children of shareholders and outlined plans to increase the company’s visibility in the market, aiming to become the leading producer of pasta in Nigeria. He also reiterated BUA Foods’ commitment to supporting the Federal Government in efforts to stabilize food prices across the country.
