BUA Foods records N1.5trn revenue in 2024, declares N13 dividend

BUA Foods Plc has announced a revenue of N1.53 trillion for the financial year ended December 31, 2024, with profit after tax surging 137% to N265.9 billion from N112 billion in 2023.

At its 4th Annual General Meeting in Abuja, shareholders approved a dividend of N13 per share—up 136% from the N5.50 declared the previous year.

Chairman, Abdul Samad Rabiu, described BUA Foods as the most capitalized food company on the Nigerian Exchange (NGX).

Rabiu said the company was expanding its pasta facility with nine new long-cut pasta lines and investing in four new wheat milling plants to boost flour production. He added that BUA’s sugar project was on track, noting that these initiatives would create jobs, strengthen food security, and support economic growth.

Managing Director Engr. Ayodele Abioye attributed the performance to strategic investments in production, diversification, and market expansion, despite economic volatility.Debt management consulting

Shareholders’ groups applauded the company’s performance and leadership.

BUA Foods also highlighted its role in helping reduce rice prices from over N100,000 per 50kg bag two years ago to about N60,000–N65,000 today.

Rabiu reaffirmed BUA Foods’ commitment to food security, backward integration, and stakeholder collaboration, while commending government efforts at stabilizing the foreign exchange market, which he said has boosted investor confidence.