BUA Foods Becomes Most Profitable Consumer Goods Company in Nigeria, Outshines 20 Others
- BUA Foods owned by Abdulsamad Rabiu is now the most profitable consumer firm in the country
- This is coming just over a year after it was listed on the Nigerian Exchange as one of the 21 consumer goods publicly traded companies
- Checks show that Nigeria's second richest man has 89.85% direct shareholdings in BUA Foods
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
BUA Foods Plc is now Nigeria's most profitable consumer goods company after recording a net profit after tax of N95.18 billion in the first half of 2023.
This represents a massive 142.21% increase compared to N39.30 billion reported in the same period of 2022.
BUA disclosed this in its latest financial report published on the Nigerian Exchange.
Source: Facebook
BUA Foods' performance in H1, 2023 now means it has overtaken Nestle Nigeria as the most profitable company in the consumer goods category.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
The 21 companies in the consumer goods category on the Nigerian Exchange include BUA Foods, Cadbury Nigeria, Champion Brew., Dangote Sugar Refinery, DN Tyre & Rubber, Flour Mills Nig., Golden Guinea Brew., Guinness Nig, Honeywell Flour Mill, International Breweries, McNichols, Multi-Trex Integrated Foods, Flour Mills, Nascon Allied Industries, Nestle Nigeria and Cadbury Nigeria PLC.
Others are Nigerian Breweries, Nigerian Enamelware, PZ Cussons Nigeria, Unilever Nigeria, Union Dicon Salt, and Vitafoam.
BUA Foods' financial performance compared to others
BUA Foods' impressive N95.18 billion profit in the six months dwarfs the other companies.
For example, Vitafoam recorded a net profit of N3.69 billion in H1 2023, while Flour Mills of Nigeria recorded a net profit of N10.18 billion.
PZ Cussons, another consumer company, recorded N15.35 billion; Dangote Sugar's 3-month figure stands at N12.80 billion, and NASCO at N5.82 billion.
Firms such as Nestle Nigeria recorded a loss after tax of -N49.98 billion, Cadbury -N14.53 billion, Nigeria Breweries -N47.34 billion, and Guinness Nigeria -N18.16 billion, as they succumbed to foreign exchange losses resulting from the abrupt devaluation by the central bank.
How BUA foods made huge profit
The good news about BUA Foods is that most of its raw materials are sourced locally, making it less susceptible to foreign exchange devaluation losses.
BUA Foods has five business divisions contributing to Group earnings: Sugar, Flour, Pasta, Rice, and Edible Oil.
Additionally, the company has eight plants and is the second-largest sugar refinery in Nigeria.
BUA Cement plans to pay N70billion to shareholders, as founder set to earn N65billion
Meanwhile, in another report, Legit.ng revealed that the founder of BUA Group, Abdulsamad Rabiu, will earn N65 billion from his cement business following the company's performance last year.
The amount grossed by Rabiu is a result of his shares in the company.
The billionaire is the largest shareholder in BUA Cement, owning a direct stake of 19,044,995,225 company shares. He also has an indirect stake of 12.2 billion ordinary shares in the cement manufacturer.
Source: Legit.ng
