BUA Foods will pay a dividend of N4.50 per share to shareholders for the fiscal year 2022, totaling N81 billion, according to the food company’s audited financial report released on Saturday.
According to Premium Times, the proposed dividend is subject to shareholder approval at the company’s next annual general meeting.
Similar to that, the correct withholding tax will be applied to the payment.
The corporation distributed a N3.50 dividend in 2021, amounting to an N63 billion distribution.
The current cash flow plan for BUA Foods came after an exceptional year that saw record revenue of N418.3 billion as sales increased by 25.5% annually.
The company noted in the document that its fortified and non-fortified sugar products were particularly responsible for its sales volume, while bakery flour, pasta, bran, and molasses contributed to the rest of its turnover.
Affirming the success of the company’s growth effort in the rest of Africa, Nigeria, the group’s core market, accounted for 86% of revenues, down from 100% the year before.
The after-tax profit was N91.3 billion, up from N69.8 billion in the prior year. That means BUA Foods will distribute 88.7% of its profit to shareholders as a dividend.
The fourth-richest person in Africa according to the Forbes ranking, Abdul Samad Rabiu, owns 92.6% of the shares of BUA Foods.
