BUA Foods Plc to pay shareholders a N63 billion dividend

BUA Foods Plc will reward shareholders with a dividend of N63 billion, or N3.50 per share for the financial year 2021, the company said in a notice on Thursday.

The payment is subject to appropriate withholding and will be made to shareholders whose names appear in the register of members at the close of business on July 13, according to the document seen by PREMIUM TIMES.

This decision means that BUA Foods, which reached a crucial milestone in January on win the quote on the Nigerian Stock Exchange, will distribute 90.3% of its net profit for the year to its shareholders.

Five stand-alone food processing units including rice, flour, edible oils, sugar and pasta, operating under BUA groupa conglomerate controlled by the second richest man in Nigeria Abdulsamad Rabiouconsolidated last year to form the company.

It is now Nigeria’s second largest company by valuation at N1.1 trillion naira, trailing chocolate maker Nestlé Nigeria Plc slightly.

The dividend will be paid electronically to shareholders on August 4.

“Shareholders who have not yet completed electronic dividend warrant registration are invited to complete the Registrars’ Electronic Dividend Warrant Form,” the company said.

BUA Food’s first annual general meeting after listing is on August 4, according to the board.

Revenue for the reporting period reached N333.3 billion, following an acceleration of 72.8% from a year ago, while assets grew by more than three-fifths to N392.8 billion. naira.

The company’s outstanding shares total $18 billion.

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