By Aaior K. Comfort

BUA Foods Plc has declared revenue of N729.4 billion, an increase of 74.4 percent 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 percent 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 percent 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.