In a recent update, BUA Foods Plc disclosed a remarkable surge in revenue, reaching a staggering ₦729.4 billion.
This impressive figure reflects a substantial increase of 74.4% when compared to the company’s revenue in 2022.
At the 3rd Annual General Meeting of the company, which took place in Abuja on Thursday, Alhaji Abdul Rabiu, the Chairman of BUA Foods, made this statement.
In his address on the Annual Report and Accounts for the financial year 2023, Rabiu acknowledged that the company encountered economic challenges but still managed to make commendable strides forward.
The figures for Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) demonstrate a substantial growth of 83.6% in 2022, reaching ₦215.7 billion compared to ₦117.5 billion in the previous period.
The profit for the period saw substantial growth, reaching ₦112.1 billion, even with the challenges of rising input costs.
We are excited to share that our earnings per share showed a significant increase of 22.9% from ₦5.07 in 2022 to ₦6.23.
Additionally, we are pleased to announce a proposed dividend of ₦5.50 per ordinary share.
In his statement, he emphasized that this serves as a confirmation of our ongoing commitment to delivering consistent value to shareholders.
Among the risks identified by Rabiu, some of the prominent ones are supply chain complexities, foreign exchange volatility, rising cost pressures, and the necessity of digital transformation.
“We have effectively managed these risks, ensuring operational continuity and mitigating potential disruption. We are also focusing on the optimisation of our governance and internal processes to maintain excellence in a fast changing world,” he stated.
The Chairman made it clear that the management team is fully committed to driving product diversification, expanding into new markets, and penetrating untapped market segments.
According to his statement, the company intends to improve the accessibility of its products in retail stores, ensuring that they remain affordable for customers.
According to Rabiu, he believes that this action will greatly contribute to the company’s efforts in meeting the crucial human needs for nourishment.
“As we navigate the dynamic business landscape, we are confident in our ability to unlock opportunities, mitigate risks and drive sustainable growth in the years to come,” he added.
In response to the pleas made by shareholders, the chairman made a commitment to actively strive towards providing scholarships specifically for the children of these shareholders.
Rabiu, who emphasized the management’s ongoing efforts to enhance the company’s product visibility, stated that the company is actively striving to become the leading pasta producers in the country.
According to his statement, BUA Foods expressed their commitment to support the Federal Government and the people of Nigeria by actively contributing to the moderation of food prices in the country.