- BUA foods have declared an impressive financial result and have decided to reward its shareholders with 81 billion
- Abdulsamad Rabiu, and his brother, Isyaku Rabiu are the biggest shareholders of BUA foods
- Both of them will be walking home with a whopping N75 billion as dividends rewards
BUA Foods, a major player in Nigeria's food and beverage industry, has declared a dividend payment of N4.50 per share for the year 2022 in its audited financials submitted to the Nigerian exchange.
This dividend payment totals N81 billion and will be distributed to BUA Foods' shareholders
The amount represents a 28.57 percent rise over the N63 billion distributed in 2021.
BUA foods' largest shareholders
Analysis by Legit.ng shows that Nigeria's second richest man Abdulsamad Rabiu, and his brother, Isyaku Rabiu, are set to receive N75.4 billion which is 95 percent of the total amount for 2022.
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As Rabiu has a larger control of the company, it is expected that he will receive the biggest share.
His total shareholdings of 16.6 billion (16,676,364,661), comprising 16.1 billion (16,172,601,967) held directly and 501,168,805 held indirectly through BUA International Limited and BUA Industries Limited, will result in a whopping N75.04 billion for him.
Kabiru Isyaku Rabiu his brother has a shareholding of 1.4m (1,401,654) which will give him N6.30 million.
BUA records impressive 2022
The company's announcement of a dividend payment is a direct result of its impressive financial performance in 2022.
Key highlights from the financial report revealed that the company's revenue increased from N333.27 billion in 2021 to N418.3 billion in 2022.
Additionally, the company's profit before tax totaled N107.22 billion, while its profit after tax reached N91.34 billion.
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The report further highlights that the sales volume was mainly propelled by the company's fortified and non-fortified sugar products. Bakery flour, pasta, bran, and molasses accounted for the remainder of the company's turnover.
Rabiu brothers make over N110bn in 8 hours, as company's market value soars
Ealier in another report, Abdul Samad Rabiu and his brother Kabiru Rabiu, who co-own BUA Foods Plc, saw their fortune grow as the market value of their firm boomed
The market value of BUA Foods, which is part of the BUA Group, increased by N119 billion due to a significant rise in the company's share price
The Rabiu brothers are the largest shareholders of BUA foods, hence the increase in the firm's market value made them over N110 billion in 8 hours of trading
Source: Legit.ng
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