By Lucy Ogalue
BUA Foods Plc has declared a revenue of N729.4 billion, an increase of 74.4 per cent relative to its 2022 revenue.
The Chairman of BUA Foods, Alhaji Abdul Rabiu, said this at the 3rd Annual General Meeting of the company on Thursday in Abuja.
While presenting the Annual Report and Accounts of the company for the financial year 2023 , Rabiu said that the company made some progress in spite of economic challenges.
” Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased by 83.6 per cent to N215.7 billion from N117.5 billion for 2022. Profit for the period grew to N112.1 billion amid rising input costs.
“Our earnings per share increased by 22.9 per cent from N5.07 in 2022 to N6.23 and we are pleased to announce a proposed dividend of N5.50 per ordinary share.
” This affirms our commitment to delivering consistent value to shareholders,” he said.
Rabiu named some of the prominent risks encountered to include supply chain complexities, foreign exchange volatility, rising cost pressures and the imperative of digital transformation.
“We have effectively managed these risks, ensuring operational continuity and mitigating potential disruption.
“We are also focusing on the optimisation of our governance and internal processes to maintain excellence in a fast changing world, ” he said.
The Chairman expressed the commitment of the management to driving product diversification and market expansion, while penetrating new markets.
He said that the company would further enhance the accessibility of its products on a retail scale while maintaining affordability for customers.
Rabiu said that this would help strengthen the company’s drive to meeting basic human needs for nourishment.
” As we navigate the dynamic business landscape, we are confident in our ability to unlock opportunities, mitigate risks and drive sustainable growth in the years to come,” he said.
While reacting to pleas by shareholders, the chairman pledged to work towards ensuring provision of scholarships for children of shareholders .
Rabiu, who reiterated efforts of the management to expand visibility of the company’s products, said the company was working towards being the largest producers of pasta in the country.
He said that BUA Foods was committed to supporting the Federal Government and Nigerians by contributing to the moderation of food prices in the country.
NEWS AGENCY OF NIGERIA