Considering the economical state of the country, BUA food has improved profit after tax by 22.72percent from N91.3billion to N112.1billion in the previous year.
According to its annual report and financial statements for the year, December 2023 filed with the Nigerian Exchange Limited, the firm’s revenue rose by 74.36 percent to N729.44bn.
The Board of Directors recommended for the approval of shareholders payment of N5.50k dividend per ordinary share of 50 kobo compared to N4.50 declared in 2022.
The shareholders company’s would be getting about N99bn as dividends.
Abdul Samad Rabiu, the founder of the firm holds, 89.85 percent of the shares directly and another 2.78 percent indirectly.
Net finance costs increased by 1,030 percent to N98.181bn from N8.682bn in 2022.
Also, total assets hit N1.07tn from N607.22bn in the previous year.
The principal activities of the group are processing, manufacturing, production and distribution of food materials such as sugar, flour, pasta, rice, and edible oils as well as packaged foods.
Also, Ayodele Abioye, the Managing Director of BUA food revealed that the company had invested over $200m in its integrated sugar estate in Lafiagi, Kwara State.
He revealed that the company was investing in the project comprising a sugar refinery, ethanol plant and other supporting infrastructure to reduce dependence on forex-impacted raw materials.
He said, “The bulk of our raw materials are FX-dependent, which is a major issue. As it stands today, Nigeria is yet to be an industrial agricultural producer of sugarcane, which is a major source of raw material for us.
“We still depend on other countries. One of the things we are working with the government is to accelerate development in sugar cane agriculture. It used to be there.”
Abioye explained that, the BUA sugar estate in Lafiagi is sitting on about 20,000 hectares of land space, an integrated project that has a combination of cultural estate and 20,000 metric tonnes of refinery, 15,000 tonnes of crushed canes daily capacity.
