BUA Foods Plc reported revenue of N1.53 trillion for the year ended December 31, 2024, alongside profit after tax of N265.9 billion, representing a 137 percent increase from N112 billion recorded in 2023.
Chairman AbdulSamad Rabiu announced the results at the company’s fourth Annual General Meeting in Abuja, where shareholders approved a dividend of N13 per share, more than double the N5.50 declared in the previous year.
Rabiu said the company had advanced on its growth roadmap with a major expansion of its pasta facility, adding nine new long-cut pasta lines to double annual capacity.
He also disclosed plans to expand the flour division with four new wheat milling plants, while progress continues on the company’s sugar agricultural project.
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“These projects will strengthen our manufacturing capabilities, reinforce our market leadership, and create jobs that support national economic development,” Rabiu stated.
Managing Director Ayodele Abioye added that BUA Foods’ resilience was driven by strategic investments in production systems, market penetration, and product diversification.
“Our ability to remain both focused and adaptable has enabled us to deliver on our strategic priorities,” he said.
Shareholders praised the company’s performance, with Bisi Bakare of the Pragmatic Shareholders Association commending Rabiu’s leadership and Faruk Umar of the Association for the Advancement of the Rights of Nigerian Shareholders describing the growth as remarkable.
BUA Foods said it remains committed to addressing food supply challenges, promoting food security, and sustaining long-term growth.
