BUA Foods Dividend: N13 Approved After Strong 2024 Results
BUA Foods Declares N13 Per Share Dividend, Reports 137% Profit Increase
BUA Foods Plc announced a dividend of N13 per share for its shareholders following its 4th Annual General Meeting (AGM) held on Thursday, September 12, 2024, at the Transcorp Hilton Hotel in Abuja. This represents a significant 136% increase from the N5.50 per share distributed to investors in the previous year.
Strong Financial Performance Drives Dividend Increase
The decision to increase the dividend payout was underpinned by robust financial results for the 2024 business year. BUA Foods reported a profit after tax of N265.9 billion, a significant 137% increase compared to the N112 billion reported in 2023, according to a press statement signed by the Director of Marketing and Corporate Communications, Mr. Adewunmi Desalu.
| Financial Metric | 2023 (N Billion) | 2024 (N Billion) | Percentage Change |
|---|---|---|---|
| Profit After Tax | 112 | 265.9 | +137% |
| Dividend Per Share | 5.50 | 13 | +136% |
Shareholder Confidence and Future Outlook
Abdul-Samad Rabiu, chairman of BUA Foods and a prominent Nigerian industrialist, expressed gratitude to shareholders for their continued trust in the company. he highlighted BUA Foods’ progress despite the challenging economic environment in Nigeria, emphasizing the group’s commitment to addressing food supply issues and bolstering food security nationwide.
Rabiu announced plans for the imminent expansion of the company’s pasta division,signaling continued investment and growth within the BUA Foods portfolio.
BUA Foods’ notable financial performance and substantial dividend increase reflect a prosperous strategy focused on meeting domestic demand and capitalizing on opportunities within the Nigerian food sector. The company’s commitment to food security is particularly noteworthy given the ongoing economic challenges and the importance of stable food supplies. The expansion into pasta production is a logical step, given the growing demand for affordable staples in Nigeria. – ahmedhassan
Updated September 14, 2024, 17:56:49
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