BUA Foods Plc has declared a dividend of N13 per share for the 2024 financial year, following its 4th Annual General Meeting held on Thursday at the Transcorp Hilton Hotel, Abuja.
The dividend represents a 136 per cent increase compared to the N5.50 distributed in the previous year. It follows a record profit after tax of N265.9bn, more than doubling the N112bn earned in 2023.
In a statement signed by the company’s Director of Marketing and Corporate Communications, Adewunmi Desalu, BUA Foods described the performance as a reflection of its resilience and ability to navigate Nigeria’s challenging operating environment.
Chairman, Abdul-Samad Rabiu, expressed appreciation to shareholders for their continued confidence, while outlining the company’s progress in strengthening food supply and driving food security.
“We remained resolute in our operations and delivered strong results, while advancing key initiatives that tackle food supply gaps and support national food security,” Rabiu said.
He disclosed that BUA Foods will double its pasta production capacity through the installation of nine new long-cut pasta lines. The company is also investing in four state-of-the-art wheat milling plants to enhance its flour division, while maintaining momentum on its integrated sugar project.
Managing Director, Ayodele Abioye, attributed the performance to targeted investments in capacity expansion, market penetration, and product innovation. He said these strategies had enabled the company to thrive despite macroeconomic headwinds.
Shareholders commended the board and management for delivering impressive results. National Coordinator of the Pragmatic Shareholders Association, Mrs. Bisi Bakare, described the N13 dividend as rewarding, while President of the Association for the Advancement of the Rights of Nigerian Shareholders, Dr. Faruk Umar, pointed to the company’s N1.5tn revenue as a testament to its growth trajectory. President of the New Dimension Shareholders Association, Patrick Ajudua, also lauded BUA’s consistent value creation, urging other investors to consider the stock.
All resolutions presented at the AGM were unanimously approved, including the re-election of directors and adoption of remuneration policies.
The 2024 financial results showed strong growth across key metrics. Revenue surged 110 per cent to N1.53tn from N729.4bn in 2023, while EBITDA rose to N481.7bn from N215.7bn. The EBITDA margin improved to 31.5 per cent, compared to 29.6 per cent a year earlier. Earnings per share also jumped to N14.78, from N6.23.
The company reduced net debt to N360.5bn from N551.5bn in 2023, while total assets grew to N1.09tn. Capital expenditure stood at N31.6bn, lower than the N37.1bn invested in 2023. Free cash flow, however, declined to N31.3bn from N99.6bn.
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BUA Foods Reports #1.53trn Revenue, Raises Dividend to N13 Per Share
ShareBUA Foods Plc has declared a dividend of N13 per share for the 2024 financial year, following its 4th Annual General Meeting held on Thursday at the Transcorp Hilton Hotel, Abuja. The dividend represents a 136 per cent increase compared to the N5.50 distributed in the previous year. It follows a record profit after tax…
