BUA Foods records N1. 5trn income in 2024

…Declares N13 dividend per share

By Emma Ujah & Favour Isaac

BUA Foods Plc recorded N1.53 trillion successful its 2024 operational twelvemonth ended December 31, 2024, adjacent arsenic it posted N265.9 cardinal successful nett aft tax, marking a 137% maturation from N112 cardinal recorded during the corresponding play successful the erstwhile year.

Chairman of the company, AbdulSamad Rabiu, disclosed this portion addressing shareholders astatine the company’s 4th  Annual General Meeting successful Abuja, yesterday.

At the meeting, shareholders approved a dividend of N13 per share, representing a 136% summation from N5.50 paid successful the erstwhile year.

According to the chairman, “We remained steadfast successful our operations and achieved notable advancement connected cardinal strategical initiatives geared towards addressing nutrient proviso challenges and promoting nutrient security.

“As portion of our strategical maturation roadmap, we person initiated a important enlargement of our pasta accumulation facility. This enlargement volition present 9 caller long-cut pasta lines, efficaciously doubling our yearly capacity.”

Rabiu said the institution planned a large capableness enlargement of flour part with 4 state-of-the-art wheat milling plants.

“This inaugural volition boost our milling capableness significantly. Furthermore, our sweetener cultivation task is connected way for transportation fixed the request to accelerate its completion.

“Upon delivery, these projects volition not lone fortify our manufacturing capabilities and reenforce our marketplace enactment but volition besides make caller occupation opportunities, contributing positively to nationalist economical development.

“As we navigate an evolving concern landscape, we stay assured successful our quality to prehend opportunities, negociate risks, and thrust semipermanent sustainable growth,” helium added.

In his remarks, Managing Director, BUA Foods, Engr. Ayodele Abioye said: “BUA Foods’ strategical investments successful accumulation systems, marketplace penetration, and merchandise diversification person been cardinal drivers of our resilient maturation amid a volatile economical situation implicit the past year.

“Our quality to stay some focused and adaptable has enabled america to present connected our strategical priorities.”

He described the occurrence of the arsenic the effect of a corporate effort of shareholders, board, suppliers, employees and customers, whose committedness was cardinal to BUA Foods performance.

Speaking connected 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 show arsenic “a singular growth.”

The station BUA Foods records N1. 5trn income successful 2024 appeared archetypal connected Vanguard News.