BUA

Major cement manufacturers in Nigeria, Dangote, BUA and Lafarge have agreed that the price of a bag of cement will not exceed between N7,000 and N8,000. The resolution was reached following a meeting between the Minister of Works, David Umahi, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite as well as representatives of BUA Cement, Dangote Cement, Lafarge and Cement Producers Association on Monday. The recent development follows the increase in prices of cement in the country reaching as high as…

The Managing Director of BUA Foods, Ayodele Abioye, on Wednesday revealed that the company has invested over $200 million in its integrated sugar estate project. Mr Abioye, who disclosed this at a press briefing held in Lagos Wednesday, noted that the estate is located in Lafiagi, Kwara State. He revealed that the company was investing in the project comprising a sugar refinery, ethanol plant and other supporting infrastructure to reduce dependence on forex-impacted raw materials. “The bulk of our raw materials…

In a remarkable display of commitment to the Nigerian agricultural sector and the economy, BUA Foods has informed distributors of its rice products that it would maintain prices of its BUA Rice to support efforts at making rice more affordable in Nigeria. According to a statement by the company, this is due to the strong sales potential from the company’s newly upgraded 200,000tonnes per annum rice mill in Kano using locally sourced rice paddy. According to the company, this decision to maintain prices results…

BUA Cement Plc on Monday said that it had secured a $500 million facility from the International Finance Corporation (IFC) and partners to develop energy-efficient cement production capacity and strengthen its equipment and logistics capabilities in northern Nigeria. The company, in a statement, said this investment, marked the largest-ever investment by IFC, will create up to 12,000 direct and indirect jobs and contribute to economic and infrastructural development within Nigeria and the greater Sahel region.…

BUA Foods will pay shareholders a dividend per share of N4.50 translating to a payout of N81 billion for fiscal year 2022, the food company’s audited earnings report showed on Saturday. The planned dividend is subject to shareholders’ approval at the firm’s forthcoming annual general meeting. Similarly, appropriate withholding tax will be applied at payment. In 2021, the company paid a dividend of N3.50, with the payout totalling N63 billion. BUA Foods’ current cash plan followed a remarkable year marked by…

Abdul Samad Rabiu’s BUA Foods on Monday reported a profit surge boosting its bottom line for 2022 by 30 per cent compared to the preceding year, backed by a sales growth that shot revenue to a record N417.8 billion. The food company, which seized the prime spot from Nestlé Nigeria as the country’s biggest consumer goods firm by market value last January, currently carries a market capitalisation in excess of N1.3 trillion. BUA Foods went public barely a year ago after combining its flour, sugar, edible oil and…

BUA Foods Plc reported sales in the sum of N289.8 billion for the nine months to September, equivalent to more than a fifth growth over what it posted a year earlier, the earnings report of Nigeria’s biggest consumer goods company by market value showed. The firm, whose five business operations span sugar, pasta, flour, edible oils and rice, saw 62.4 per cent or N180.9 billion of its revenue contributed by its sugar division, “driven by price adjustments and export sales within the period.” Other income climbed…

Abdul Samad Rabiu’s BUA Group will cease from furthering the purchase of an expanse of land measuring 50,000 hectares it was invited to procure a decade ago by the Kogi State Government, the conglomerate said, citing its unsuitability for its investment push. The group, according to a letter seen by PREMIUM TIMES, disclosed it has not taken ownership of the asset since the arrangement after survey revealed the land’s largely hilly topography leaves only about 30 per cent of it useful. BUA’s businesses encompass…

Abdul Samad Rabiu’s BUA Cement posted a 41.4 per cent improvement in its net profit for the first half of the year following a steep growth in revenue, according to the company’s earnings report for the period issued on Monday. Turnover stood at N188.6 billion, 51.7 per cent higher when compared to the same period of last year. The cement maker received a tremendous boost in other income, which rose to N200.1 million, following a jump in the value of insurance claims by more than seven times. Profit before…