Leading manufacturer of high-quality foods, BUA Foods Plc, one of Sub-Saharan Africa’s most valuable companies has declared N63 billion dividend 2021at its 1st Annual General Meeting (AGM) in Abuja.
Media Officer of the firm, Olaide Akinyanmi, in a statement said the company declared a dividend with a total value of ₦63 billion for the fiscal year 2021 following approvals by the shareholders translating to ₦3.50 per one ordinary share of 50 Kobo- subject to the deduction of withholding tax- for all shareholders on the company’s register at the close of business on 13 July 2022.
This was driven by the positive growth recorded in the financial year ended 31 December 2021, making BUA Foods a listed company on the NGX, with the highest dividend payout in Nigeria’s Food and FMCG industry.
According to the statement, the period under review showed impressive results across the company’s three revenue-generating divisions- Sugar, Flour and Pasta. Operating profits grew by 56% to ₦79.9 billion, while Profit Before Tax (PBT) increased by 63.96% to ₦77.5 billion. The total profit at the end of the year was N69.8 billion (+97% y-o-y).
Payment of dividends will commence on 4 August 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.”
