Business
BUA Foods Declares N13 Per Share Dividend For Shareholders
BUA Foods Plc has announced a dividend of N13 per share for its shareholders following the company’s 4th Annual General Meeting on Thursday in Abuja.
According to a press statement issued after the AGM on Thursday by the Director of Marketing and Corporate Communications for BUA Foods, Adewunmi Desalu, this payout represents a significant 136 per cent increase from the N5.50 paid the previous year.
The dividend was declared after BUA Foods reported a profit after tax of N265.9bn for the 2024 financial year, marking a 137 per cent growth from N112bn in the prior year.
The statement read, “BUA Foods Plc, a frontrunner in Nigeria’s Food manufacturing Industry and the most capitalised Business on the Nigerian Exchange Limited, held its 4th Annual General Meeting in Abuja at the Transcorp Hilton Hotel.
“At the meeting, shareholders approved a dividend of N13 per share, representing a 136 per cent increase from N5.50 paid in the previous year,” the statement read.
In the statement, the Chairman of BUA Foods, Abdul-Samad Rabiu, expressed gratitude to the shareholders for their unwavering support.
READ ALSO:BUA Chair Rabiu Declines APC Finance Committee Membership
He highlighted the company’s progress in tackling food supply challenges and advancing food security.
“We remained steadfast in our operations and achieved notable progress on key strategic initiatives geared towards addressing food supply challenges and promoting food security,” Rabiu was quoted in the statement.
Rabiu also provided insight into the company’s growth plans, including the expansion of its pasta production facility, which will introduce nine new long-cut pasta lines, doubling the company’s annual capacity.
Also, BUA Foods is set to enhance its flour division with the construction of four state-of-the-art wheat milling plants, significantly increasing its milling capacity.
He further noted that the company’s sugar agricultural project remains on track for completion.
Managing Director of BUA Foods, Ayodele Abioye, attributed the company’s growth to strategic investments in production systems, market penetration, and product diversification.
READ ALSO:BUA Fulfills Promise, Crashes Cement Price To N3,500 Per Bag
He emphasised that these efforts had been key to the company’s resilience amid a volatile economic environment.
Abioye also expressed gratitude to shareholders, employees, suppliers, and customers for their roles in the company’s continued success.
The statement also included comments from various shareholders who praised the company’s performance.
The National Coordinator of the Pragmatic Shareholders Association, Mrs Bisi Bakare, commended the Chairman for his leadership and expressed satisfaction with the dividend payout.
The President of the Association of the Advancement of the Rights of Nigerian Shareholders, Dr Faruk Umar, noted BUA Foods’ remarkable growth, citing the company’s N1.5tn revenue as an outstanding achievement.
The President of the New Dimension Shareholders Association, Patrick Ajudua, also lauded the company’s consistent delivery of value to shareholders and encouraged other investors to consider adding BUA Foods shares to their portfolios.
At the AGM, all resolutions were approved by shareholders, including the re-election of directors and the approval of remuneration policies.
READ ALSO:Why We Revoked Peter Obi, Imoke, BUA, 164 Other Lands – FCTA
The PUNCH observed that in the firm’s 2024 financial results, BUA Foods reported growth across key performance metrics.
The company’s revenue soared to N1.53tn, an increase from N729.4bn in 2023.
The earnings before interest, tax, depreciation, and amortisation stood at N481.7bn, a rise from N215.7bn the previous year.
The company’s EBITDA margin also improved, rising to 31.5 per cent from 29.6 per cent in 2023.
The company’s earnings per share for the year were N14.78, an increase from the N6.23 recorded in 2023.
Also, BUA Foods reduced its net debt to N360.5bn, down from N551.5bn in 2023. Total assets grew to N1.09tn from N1.07tn the previous year, further highlighting the company’s solid financial standing.
In terms of capital expenditure, BUA Foods allocated N31.6bn for the year, although this was a decrease from the N37.1bn spent in 2023. Free cash flow also decreased to N31.3bn from N99.6bn in 2023.
Business
Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO
Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”
He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.
Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”
READ ALSO:BREAKING: Wike Picks Alabo George For Rivers Governorship
According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.
The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.
He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.
According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.
READ ALSO:Senatorial Seat: Ogbakha-Edo Warns Against Imposition Of Candidates In Edo South
He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.
“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.
“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.
“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”
When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”
Business
JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.
Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.
This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.
Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.
According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.
READ ALSO:Drivers Protest Fuel Increase, Raise Fares in Benin
However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.
This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.
Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.
Business
Dangote Refinery Hikes Petrol Price
Dangote Refinery has increased the ex-depot price of petrol by N75.
The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.
READ ALSO:Dangote Sugar Announces South New CEO
This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.
DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.
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