Tag: BUA Foods

BUA Foods Plc has hosted the Minister of State for Industry, Dr. John Owan Enoh, alongside a delegation from the Nigerian Sugar Development Council (NSDC), led by its Executive Secretary, Kamar Bakrin, on an inspection tour of Lafiagi Sugar Company Limited (LASUCO) in Lafiagi, Kwara State.

The visit was undertaken to assess the level of progress recorded on the sugar production facility, which is currently about 80 per cent completed.

It was also to reaffirm the Federal Government’s commitment to support the backward integration program in line with the President Ahmed Bola Tinubu administration’s renewed hope agenda and Nigeria’s drive towards sugar self-sufficiency.

The scale of investment in the project also reflects the unwavering commitment of the Chairman of BUA Foods Plc, Alhaji Abdul Samad Rabiu, to industrialisation and transformational outcomes that impact economic growth.

The inspection tour provided the Minister and NSDC representatives with a firsthand view of the significant progress being made at LASUCO, which is being developed as a fully integrated sugar production facility that will produce 10,000 tons of cane per day.

The LASUCO facility will also produce 220, 000 metric tons of refined sugar per annum, 35 megawatts of electricity and process 20 million liters of industrial ethanol per annum.

Read Also: Tunji-Ojo: Nigeria’s future depends on unity, national renewal

The visit formed part of the Federal Government’s broader efforts to monitor project execution, encourage timely delivery, and ensure alignment with national policies aimed at increasing local sugar production, reducing import dependence, and driving sustainable industrial growth.

During the tour, the delegation was taken through LASUCO’s integrated operations, including sugarcane plantations, refinery and milling facilities, ethanol plant, irrigation systems, power plant, housing estate, airstrip, as well as healthcare and education facilities, all situated on approximately 20,000 hectares of land.

Commenting on the progress of LASUCO after the tour, Industry Minister Dr. Enoh, said, “it is amazing to see the kinds of things I have seen on ground in terms of the necessary infrastructure, such as the road, the landing point of about 3 kilometers and the provision for workers and community.

“Having said that, there is also the necessary infrastructure for the takeoff of LASUCO. So yes, progress has been made, and progress has to continue to be made. My understanding is that LASUCO is the largest green field factory by any of the majors; 10,000 tons of cane per day capacity at completion, so this factory has to be completed.

“Part of my takeaway from this visit is that there is commitment on the part of the management of LASUCO and we need to work together to a completion date”.

Prior to the facility inspection, Dr. Enoh, the Group Executive Director of BUA Group, Alhaji Kabiru Rabiu, Managing Director, BUA Foods Plc, Engr. Ayodele Abioye, and the accompanying delegation paid a courtesy visit to the Emir of Lafiagi, His Royal Highness, Alhaji Mohammed Kudu Kawu, at his palace.

During the visit, Rabiu, announced that LASUCO will be the largest integrated sugar plant in Nigeria. In his remarks, he said, “What we are building here in Lafiagi will be the largest sugar mill, sugar plantation and sugar refinery in this country with a 10,000 tons of cane processing capacity per day.

“We will be generating 35megawatts of electricity from bagasse, and process 20 million liters of industrial ethanol per annum. Yes, we have had some delays, but now, we have really gotten things on serious momentum, and we will continue with the plantation”.

He expressed appreciation to the Emir and the Minister for their commitment and willingness to support BUA Foods and the Nigerian economy in general.

The Emir expressed satisfaction with the commitment demonstrated by BUA Foods Plc on the LASUCO project and reiterated that Lafiagi, as a community, will continue to support the organisation, stating that “we are interested in the sugar masterplan to be operational, because we know what it can do for us”.

NSDC Executive Secretary Kamar Bakrin also reaffirmed the Council’s commitment to working closely with BUA Foods Plc to ensure timely project delivery and long-term sector development, stating that “nobody has invested in a sugar factory as much as BUA Foods”.

At the conclusion of the tour, BUA Foods Plc reiterated that construction activities at LASUCO will continue at an accelerated pace to ensure its successful completion, reinforcing the company’s long-term commitment to Nigeria’s sugar industry, agricultural development, and economic transformation.

Consumer goods producer BUA Foods Plc hit a fresh 52-week high on the Nigerian Exchange (NGX) due to a sustained rally in the consumer goods sector. The company also retained its highest valuation rating, surpassing MTN Nigeria, Airtel Africa, and other members of trillion valuation gang in the local bourse. Trading data on BUA Foods showed its price was relatively stable until Friday. BUA Foods’ share price opened the week at N588 on moderate trading activities.

The stock picked up on Friday, settling at N590 as buy-side actors placed bets. Data from the Nigerian Exchange showed that BUA Foods Plc’s share price surged to N590 on Friday, trading at a wide gap against its lowest value of N355.50 within 52 weeks. Transaction volume in the consumer goods stock picked up, fueled by investors’ positive sentiment about future earnings streams and anticipation for dividend payment by the company.

Read Also: BUA Foods posts N912.5b half year revenue

 BUA Foods’ 18 billion shares outstanding in the local bourse were valued at N10.620 billion, its highest valuation in 12 months.Meanwhile NGX started the week in a  bullish tone, as the NGX All Share Index advanced by 0.31%, to close at 141,439.77 points. As a result, the year-to-date return increased to 37.42% from the 37.00% recorded in prior week. Market capitalisation gained N284.46bn, settling at N89.49trn. Market sentiment was spurred by demands for STANBIC, GTCO, and JBERGER, offsetting losses in CADBURY, ABBEYBDS, and MANSARD, pushing the market in the green. Market activity settled lower compared to the prior session, as transaction volume and value dipped by 54.63% and 73.63%, respectively. FCMB dominated the trading volume with 105.13mn units of stocks exchanged, while GTCO led the value log with deals worth N2.40bn. Market breadth closed positive at 2.29x, reflecting more advancers than decliners. JBERGER led the thirty-eight (38) market gainers, while UPL topped the sixteen (16) laggards, with the remaining stocks closing flat.

BUA Foods Plc has reported a strong financial performance for the half year ended June 30, 2025, with impressive gains across key financial indicators. According to its unaudited financial results, the company recorded a significant boost in revenue and profitability, reinforcing its position as one of Nigeria’s leading food processing companies.

Revenue for the period rose by 36 per cent to N912.5b, up from N672.3b reported in the corresponding period of 2024. The growth was driven by a notable increase in sales volume and a strategic focus on high-performing product segments across its diversified portfolio.

The company also posted a remarkable 98 per cent surge in profit after tax, which jumped from N130.9 billion in H1 2024 to N260.07b in H1 2025. Profit before tax doubled, rising by 101 per cent to N276.1b, compared to N137.19b recorded in the same period last year.

BUA Foods maintained operational efficiency, with finance costs dropping by 12.3 per cent to N9.13b. Despite a sharp 94 per cent increase in selling and distribution expenses, overall profitability remained strong. Total operating expenses rose by 93 per cent from N28.44b in H1 2024, reflecting increased costs associated with scaling up operations and distribution.

Earnings per share also recorded a significant improvement, growing by 99 per cent from N7.27 in the first half of 2024 to N14.45 in H1 2025, indicating robust returns for shareholders.

Read Also: Aliko Dangote retires from Dangote Cement Plc

Commenting on the performance, the Managing Director, Engr. Ayodele Abioye, said: “We are encouraged by the sustained performance recorded in the second quarter of 2025, amidst an improving macroeconomic environment. Key indicators such as inflation and exchange rate volatility continue to shape consumer behaviour and operational choices. Nevertheless, our resilient business model has enabled us to deliver consistent topline and bottom-line growth.”

He added that the company remains focused on consolidating its market position through strategic investments, innovation, and an integrated supply chain system that enhances agility and responsiveness.

“Our outlook for the rest of 2025 is positive. We will continue to prioritize sustainable growth, maintain affordability for our customers, and deepen our contribution to addressing the nation’s food security challenges. We appreciate the trust and dedication of all our stakeholders,” Abioye said.

BUA Foods operates a highly diversified and scalable food production business across Nigeria. Its portfolio includes sugar, flour, semolina, pasta, rice, and edible oils, supported by state-of-the-art manufacturing facilities strategically located nationwide.

He said the company has continued to invest in modern technology, foster innovation, and build strategic partnerships to improve efficiency and expand market reach. With its strong fundamentals and value-driven approach, Abioye said BUA Foods is well-positioned to sustain its growth trajectory in the evolving food industry landscape.

BUA Foods Plc, said the company’s revenue grew by 24 per cent to N442.1 billion in the quarter of 2025, up from N356.9 billion in the corresponding period of 2024.

The Managing Director, BUA Foods, Dr Ayodele Abioye, made this known in a statement on Thursday in Lagos.

Mr Abioye said the company’s gross profit increased by 39 per cent to N160.91 billion, total equities improved by 29.2 per cent to N554.34 billion and its profit after tax rose by 124 per cent to N125.28 billion.

He noted that the development showed robust growth across key financial indicators, driven by substantial increases in revenue from flour, which soared 145 per cent to N176.2 billion.

He added that pasta rose by 12 per cent to N41.5 billion, and rice recorded a remarkable increase of 1,617 per cent to N13.02 billion.

Mr Abioye, however, noted that sugar revenue saw a slight 11 per cent quarter-on-quarter decrease to N211.3 billion when compared to its 2024 figure of N238.2 billion.

Read Also: BUA Foods grows turnover by 74 per cent

He said, “Total operating expenses for the period increased by 56 per cent to N22.39 billion from the Q1 2024 of N14.37 billion due to increases in selling and distribution expenses which rose 13 per cent to N11.08 billion. Despite the increase in operating expenses, BUA Foods achieved a substantial growth of 124 per cent in profit after tax to N125.28 billion in Q1 2025, compared to N55.82 billion in Q1 2024. Consequently, Earnings per Share (EPS) also saw a significant increase of 125 per cent to N6.96 from N3.10 in the corresponding period.’’

Mr Abioye expressed pleasure of beginning 2025 on a strong note, as the business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape.

He said despite operating in a high-cost environment, its proactive supply chain measures and improved internal efficiencies enabled the company to sustain strong operational momentum.

He said the company remained focused on deepening market penetration and accelerating innovation to meet changing consumer needs.

He stated, “With a stabilising economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025.”

BUA Foods Plc has declared a revenue of N729.4 billion, an increase of 74.4 per cent relative to its 2022 revenue.

The Chairman of BUA Foods, Alhaji Abdul Rabiu, said this at the 3rd Annual General Meeting of the company yesterday in Abuja.

While presenting the annual report and accounts of the company for the financial year 2023 , Rabiu said that the company made some progress in spite of economic challenges.

” Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased by 83.6 per cent to N215.7 billion from N117.5 billion for 2022. Profit for the period grew to N112.1 billion amid rising input costs.

“Our earnings per share increased by 22.9 per cent from N5.07 in 2022 to N6.23 and we are pleased to announce a proposed dividend of N5.50 per ordinary share.

Read Also: No going back on stopping below-18 pupils from writing WASSCE, says minister

” This affirms our commitment to delivering consistent value to shareholders,” he said.

Rabiu named some of the prominent risks encountered to include supply chain complexities, foreign exchange volatility, rising cost pressures and the imperative of digital transformation.

“We have effectively managed these risks, ensuring operational continuity and mitigating potential disruption.

“We are also focusing on the optimisation of our governance and internal processes to maintain excellence in a fast changing world, ” he said.

The Chairman expressed the commitment of the management to driving product diversification and market expansion, while penetrating new markets.

He said that the company would further enhance the accessibility of its products on a retail scale while maintaining affordability for customers.

Rabiu said that this would help strengthen the company’s drive to meeting basic human needs for nourishment.

”As we navigate the dynamic business landscape, we are confident in our ability to unlock opportunities, mitigate risks and drive sustainable growth in the years to come,” he said.

While reacting to pleas by shareholders, the chairman pledged to work towards ensuring provision of scholarships for children of shareholders.

Rabiu, who reiterated efforts of the management to expand visibility of the company’s products, said the company was working towards being the largest producers of pasta in the country.

He said that BUA Foods was committed to supporting the Federal Government and Nigerians by contributing to the moderation of food prices in the country.