At the heart of the economic universe is a key player: Abdul Rabiu, the iconic figure of BUA Foods Plc. At the company’s 3rd Annual General Meeting in Abuja, Mr. Rabiu unveiled impressive financial results, marking a growth of 74.4% with a turnover of N729.4 billion for the year 2023.
In a context of economic challenges, BUA Foods has managed to hold its own, posting notable progress despite the obstacles encountered. The turnover reached record highs, as did the EBITDA which jumped by 83.6% to N215.7 billion. This performance enabled the company to generate a profit of N112.1 billion, even in the face of rising raw material costs.
This achievement is also reflected in the earnings per share which increased by 22.9% from N5.07 to N6.23. This is evidenced by the proposed dividend of N5.50 per ordinary share and the continued commitment to creating value for shareholders.
Abdul Rabiu highlighted the challenges that BUA Foods has faced such as supply chain complexities, currency volatility, increasing cost pressures and the need for digital transformation. Despite these risks, the company has managed them effectively to ensure its sustainability and continued growth.
The strategy of product diversification and expansion into new markets is at the heart of BUA Foods’ vision. Accessibility and affordability of products are also priorities for the company as it seeks to meet the basic health and nutrition needs of its customers.
As a leader in the agribusiness sector, BUA Foods is committed to supporting the Federal Government and Nigerians in helping to control food prices in the country. Furthermore, the company is working to strengthen its presence in the pasta market, aiming to become the largest pasta producer in the country.
In a gesture of generosity, Abdul Rabiu has committed to providing scholarships to the children of shareholders, demonstrating his commitment to corporate social responsibility and the education of future generations.
Ultimately, BUA Foods under the able leadership of Abdul Rabiu is positioned as a major player in the agribusiness sector in Nigeria, poised to seize new opportunities, rise to challenges and pursue sustainable growth in the years ahead.