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BUA Foods Plc, one of Nigeria's top food producers, reports a 104-percent increase in revenue to N1.07 trillion ($647 million) for the nine months ending September 2024, driven by strong demand for sugar, flour, and pasta amid challenging economic conditions.
The agreement will see BUA Foods more than double its current output from 400,000 tonnes to 900,000 tonnes per year.
The $79.4-million dividend which will be paid electronically into the bank accounts of Abdul Samad Rabiu and his son from the group’s 2023 earnings of $210.48 million, is part of a proposed cash distribution by the board of directors.
The substantial dividend underscores the company’s dedication to rewarding its shareholders following an outstanding performance in 2023.
The surge in revenue is attributed to price adjustments and volume increases from capacity expansion for IRS.
With his fortune pegged at $5.54 billion, Rabiu now claims the 444th spot on the global list of the wealthiest individuals.
This surge in wealth has firmly positioned Rabiu as the 500th richest individual globally, just behind the 499th-ranked Charles Dolan.
Rabiu’s fortune has taken a remarkable turn, with his net worth bouncing back by more than $1 billion.
BUA Foods, which is majority owned by Rabiu, is the unified food business segment of BUA Group.
BUA Foods, under Rabiu, has maintained its dominant position in the Nigerian economy.
With the latest surge of $501 million in his net worth, Rabiu’s year-to-date wealth gains have now reached $1.53 billion.
Rabiu: Africa’s third-richest billionaire’s businesses thrive, generating $146.2 million profit in Q1 2023.
Rabiu is also anticipating another handsome dividend of $198 million from his shareholding in BUA Cement.
Rabiu maintains his rank as Nigeria’s second-richest person, outpacing telecom billionaire Mike Adenuga.
Earlier this year, Isyaku and his father earned a dividend of $151.6 million from their stake in the business.