BUA Foods holds second annual general meeting, declares ₦81 billion dividend for FY 2022

At the 2nd Annual General Meeting (AGM) of BUA Foods Plc (“BUA Foods” or “the Company”), held in Abuja at the Transcorp Hilton Hotel, shareholders of the company unanimously approved the proposed final dividend payment of NGN4.50 per share with a total value of NGN81 billion.

This value was driven by the positive growth recorded in the financial year ended 31 December 2022.

For the second year in a row, BUA Foods remains a listed company on the NGX, with the highest dividend pay-out in Nigeria’s Food and FMCG industry.

In his opening statement at the AGM, Abdul Samad Rabiu Chairman of BUA Foods Plc expressed his gratitude to the shareholders for their unwavering support, which has been instrumental in the company’s outstanding performance since its inception.

Rabiu added that:

Speaking further on growth ambitions, the chairman said:

Also commenting, the Managing Director BUA Foods, Engr. Ayodele Abioye stated:

Despite the unending economic headwinds, our business delivered strong financial results characterized by revenue growth of 25.5% to ₦418 billion from all operating divisions.

Gross Profit grew by 29.0% to ₦132.7 billion, while net profit grew to ₦91.3 billion from ₦69.8 billion in 2021. Earnings per share went up to ₦5.07, compared to ₦4.24 in the full year 2021.

Dr. Umar Farouk a shareholder, expressed delight at the N4.50kobo dividend declared.

He commended the Board and Management for upholding the vision, mission and values of the business as evidenced by the share price growth which has appreciated by over 400% since listing.