BUA Foods, one of Sub-Saharan Africa’s most valuable companies by market capitalisation and a leading manufacturer of high-quality foods, Thursday held its 1st Annual General Meeting in Abuja with a declaration of N3.50 dividend per share.
This sums up to a total dividend of N63 billion for the financial year ended 2021 following approvals by the shareholders.
The Company’s robust dividend payout was driven by the positive growth recorded in the financial year ended December 31, 2021, making BUA Foods the company with the highest dividend payout in Nigeria’s Food and FMCG industry on the NGX, .
In the period under review, the Company demonstrated impressive results across all three revenue-generating divisions- Sugar, Flour and Pasta.
For instance, its operating profits grew by 56 per cent to N79.9 billion, while Profit Before Tax (PBT) increased by 63.96 per cent to N77.5 billion. The total profit at the end of the year was N69.8 billion (+97 per cent y-o-y).
Payment of dividends will commence on August 4, 2022, upon shareholders’ approval at the meeting.
Addressing shareholders at the meeting, the Chairman of BUA Foods, Abdulsamad Rabiu, said: “2021 was a pivotal year in our corporate history. It charted a new path for us to fulfil our vision to meet Africa’s growing demand for food by promoting food security and nourishing lives. Our bold decision to consolidate and restructure our business strengthened our productivity and improved our efficiency as a food value chain company.