BUA Foods Plc has announced a revenue of ₦729.4 billion for 2023, reflecting a 74.4% growth compared to its 2022 revenue. The Chairman of BUA Foods, Alhaji Abdul Rabiu, made this known at the company’s 3rd Annual General Meeting held in Abuja.
Rabiu, while presenting the Annual Report and Accounts, highlighted that despite economic challenges, the company achieved significant progress. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) grew by 83.6% to ₦215.7 billion, compared to ₦117.5 billion in 2022, while profit surged to ₦112.1 billion, even with rising input costs.
The earnings per share also rose by 22.9%, increasing from ₦5.07 in 2022 to ₦6.23. Rabiu announced a proposed dividend of ₦5.50 per ordinary share, demonstrating the company’s commitment to delivering value to shareholders.
Rabiu acknowledged challenges such as supply chain complexities, foreign exchange volatility, and rising cost pressures but noted that these risks were effectively managed to ensure operational continuity. He emphasized the company’s focus on product diversification, market expansion, and enhancing the accessibility of its products at a retail level while maintaining affordability.
Additionally, Rabiu pledged to consider providing scholarships for shareholders’ children and reiterated BUA Foods’ goal of becoming the largest pasta producer in the country. He also reaffirmed the company’s commitment to supporting the Federal Government in moderating food prices in Nigeria.