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BUA Foods Record N22.85B Net Profit After Tax For Q1 2022, See Full Details of Financial Statements – Naijanewsdirect

BUA Group’s new baby, BUA Foods is truly blazing the trail and the figures are looking up for investors as the company marches on even in first year of being listed. BUA Foods is Nigeria’s leading food and fast-moving consumer goods (FMCG) business, which processes, manufactures, produces and distributes food materials such as sugar, flour, pasta, rice, and edible oils as well as packaged foods. The Company’s products currently include fortified and non-fortified sugar, flour for large and small scale use, and pasta. In addition, the Company expects to commence the processing, manufacturing, production and distribution of rice by 2022 and edible oils by 2024. To confirm its place, BUA Foods Plc has released its statement of profit or loss and other comprehensive income for the three months ended 31st March 2022 with 18.6% rise in group net profit after tax to N22.844 billion from N19.260 billion in Q1 2021. Group turnover for the quarter rose to N90.067 billion from N70.203 billion in Q1 2021. Earnings per share increased from 1.07 Naira in the corresponding period in 2021 to 1.27 in the new year, while total assets as well as current assets also increased accordingly. The Company currently owns mills, plants, refineries, and plantations across different regions in Nigeria – they are Oil Mill, Rice Mill; Bassa Sugar Plantation; Lafiagi Sugar Plantation, Sugar Refinery; Sugar Refinery, Oil Mill; and Flour Mill, Pasta Plant, Sugar Refinery. Read full details

BUA Chairman, Abdul Samad Rabiu Blames Middlemen, Other Manufacturers For High Price of Cement, Despite Increased Production – Naijanewsdirect

*Middlemen making N1000 profit per bag The BUA Group has said that despite its efforts to make cement affordable and available to Nigerians, its efforts have been stifled mainly due to the influence of middlemen and other competitors.   The Chairman and Chief Executive Officer of the Group, Abdul Samad Rabiu, disclosed this to State House Correspondents in Abuja when he visited the President, Major General Muhammadu Buhari (retd.), at the Presidential Villa, Abuja. According to him, the Group had increased cement production and slashed the price by 10 per cent per bag. Still, the impact had not been felt primarily due to the activities of middlemen and other manufacturers who did not make corresponding efforts. According to him, “I know everybody is talking about the high price of cement in Nigeria. And that is, of course, because we do not have enough capacity. When we started production, the fourth line in Sokoto a few weeks ago, when Mr President was there to commission the plant, we decided to actually reduce the price of cement by N350 per bag. And that is about 10 per cent of the price.     “So today, our price is N3,000 or N3,050 ex-factory, yet, that has actually not been reflected in the market, simply because the other two producers have actually not reduced the price of cement, so we’re having a challenge. We are actually in a quagmire now. We are discussing this because what is happening is that we have reduced, but the dealers and the distributors are the ones that are actually making the money. So, it’s a bit of an issue for us.” He added that the Group is holding talks with other cement producers to reduce the price of cement in Nigeria.     Rabiu explained that “If you don’t have the support of all the players, it would not be

Buhari Commends BUA Group For Improving Nigeria’s Productive Capacity As He Receives Company Management In Aso Rock (Pics) – Naijanewsdirect

    President  Buhari on Friday, 25th February, 2022, received in audience the Board and Management of  BUA Cement PLC led by BUA Group Chairman, Abdul Samad Rabiu.   During the visit, the Chairman of BUA Group, Abdul Samad Rabiu used the opportunity to appreciate the President for his support especially the recent Commissioning of its Sokoto Line 4 Cement Factory. AbdulR Samad Rabiu revealed that BUA Group was currently building more factories in two different parts of the country, which will contribute about six million additional tonnes to cement supply. He added: “Your presence at the commissioning of our Line 4 sends a strong message of commitment to industrialization of our country. Like you often say, we need to add value to what we produce with locally sourced raw materials, and we remain committed to it. We are ready to work with the Federal Government, and all other relevant stakeholders. The consistent effort of the Government in supporting local capacity has helped us a great deal.” The BUA Group Chairman said the support of President Buhari for Nigerian enterprise was unflinching, “and we are encouraged to add more value.” He further thanked the President for what he called his “forthrightness, vision, and passion for Nigeria.” In his own remarks, President Muhammadu Buhari Friday hailed the BUA Group for its strides in narrowing the gap between demand and supply of cement in the country. President Buhari had last month visited Sokoto to commission the Line 4 of BUA Cement, which would ensure further availability of cement, of which Nigeria suffers about three million tonnes deficit. “I want to congratulate you on your success and I thank you for mobilizing senior members of your Group to come and say thank you to me. It is remarkable. What you have done in bridging the gap of cement supply in the country is quite

BUA Group Chairman Bags Honorary Doctorate Degree In Business – Naijanewsdirect

  The Executive Chairman, BUA Group, Abdul Samad Rabiu (CON) has been conferred with an honorary doctorate degree in business by the Kwara State University (KWASU), during the 8th and 9th convocation ceremony held at the Mini Convocation Arena of the university on Saturday, December 11, 2021. In his opening remarks at the ceremony, the Vice Chancellor of the University, Prof. Mustapha Akanbi, stated that Rabiu was recognized following his exemplary feats in nation building through setting up a string of thriving industries, creating jobs and philanthropic activities in empowering and supporting individuals, irrespective of ethnic or religious backgrounds, across the geopolitical zones of the country. ”Conferring such degrees on individuals is an indication that we have admitted them into the annals of our history, as our alumni. As we admonish all our alumni, we expect them to bring honour to us and contribute to the growth and development of their alma mater,” he said. The Chairman, who was represented by the Executive Director, BUA Group, Kabiru Rabiu, spotlighted his passion in providing support for sustainable impact projects through his foundation; Abdul Samad Rabiu Africa Initiative (ASR Africa). He said, “ASR Africa is a $100 million (USD) Annual Africa Fund for social development and renewal. It was established in 2021 and is aimed at providing sustainable, impact-based homegrown solutions to developmental issues affecting health, education and social development within Africa.” Rabiu was optimistic that Kwara State University would benefit from the educational grant drive being currently embarked upon by the foundation in the future. Others who also bagged honorary degrees at the convocation were Chief of Staff to President Muhammadu Buhari, Prof. Ibrahim Gambari; KWASU’s third and present Chancellor, Dr Johnson Adewumi; business moguls, Muhammadu Indimi, Kamoru Yusuf, and an oil and gas executive, Dr. Babatunde Omotowa. 304 students were awarded postgraduate degrees for the 2019/2020 session and

BUA Group Consolidates Food Businesses, Unveils BUA Foods – Naijanewsdirect

  BUA Group has formally unveiled BUA Foods, under which its food businesses are now consolidated. The unveiling was held on Wednesday, December 8, 2021, at a brief media event at the Group’s head office in Lagos. The food businesses that were merged into BUA Foods are BUA Sugar Refinery Limited, BUA Rice Limited, BUA Oil Mills Limited, IRS Flour, and IRS Pasta. The Group said the consolidation became necessary to maintain its market leadership in the agribusiness and food processing sector as well as take advantage of the growth opportunities in the economy and the export prospect presented by the African Continental Free Trade Area (AfCFTA). “We have perhaps the largest food business in Nigeria and the West African sub-region. To realise our full potential as a business as we drive the food security needs of the country, we recently consolidated our food businesses under a single entity to be known as BUA Foods,” said the Chairman of BUA Group, Abdul Samad Rabiu. “The restructuring will enable us to be nimbler and more responsive to the food needs of the population as we continue to build a sustainable business,” The Chairman said BUA Foods is well positioned to take advantage of the AfCFTA considering its investments in the foods sector over the years. Highlighting some of BUA’s bold investment initiatives in the sector, Rabiu explained that the Group has eight ultra-modern factories across the country where sugar, flour, pasta products, edible oils, and rice are refined and processed. The business has a refining capacity of 1.5 million metric tonnes of sugar yearly from its two automated sugar refineries in Lagos and Port Harcourt. “Our destination refinery in Port Harcourt is mostly export-based and can produce the highest grade of sugar there, that could serve the West African sub-region and the Nigerian markets,” he