In comparison to its sales in 2022, BUA Foods Plchas reported revenue of N729.4 billion, a 74.4 percent rise. Alhaji Abdul Rabiu, the Chairman of BUA Foods, made this statement on Thursday in Abuja during the company’s third annual general meeting. Rabiu stated that despite economic difficulties, the corporation made some progress while presenting the Annual Report and Accounts for the fiscal year 2023. ”
In 2022, Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) climbed from N117.5 billion to N215.7 billion, representing an 83.6 percent rise. N112.1 billion was the period’s profit despite growing input expenses.In 2022, our earnings per share was N5.07, but by 22.9 percent, it was N6.23. We are happy to propose a dividend of N5.50 per common share.
“This demonstrates our dedication to providing steady value to investors,” he stated. Supply chain complexity, foreign exchange volatility, growing cost constraints, and the necessity of digital transformation are just a few of the significant risks mentioned by Rabiu. “We have successfully mitigated any potential disruption and maintained operational continuity by managing these risks.
“To sustain excellence in a world that is changing quickly, we are also concentrating on the optimisation of our governance and internal processes,” he stated. The management’s dedication to promoting product diversity and market expansion while breaking into new markets was conveyed by the chairman.
He declared that the business would keep its products reasonably priced for consumers while expanding their retail accessibility. According to Rabiu, this would support the business’s efforts to provide for the most basic nutritional needs of people.
“We are confident in our ability to unlock opportunities, mitigate risks, and drive sustainable growth in the years to come as we navigate the dynamic business landscape,” he stated. In response to requests from shareholders, the chairman promised to make efforts to guarantee that scholarships are available for the offspring of shareholders.
Reiterating the management’s efforts to increase the company’s product visibility, Rabiu stated that the company aimed to become the nation’s largest pasta producer. He declared that BUA Foods was dedicated to helping Nigerians and the Federal Government by helping to keep food prices in check in the nation.
