BUA Foods Plc, the food-processing arm of Nigerian billionaire Abdul Samad Rabiu’s industrial empire, has posted a remarkable profit of N274.9 billion ($182.7 million) for 2024, more than doubling the N112 billion ($74.4 million) recorded in 2023. This impressive growth highlights BUA Foods’ dominance in Nigeria’s food sector, fueled by rising consumer demand, strategic pricing, and operational expansion.
The company’s total revenue surged by 109.29%, climbing from N729.44 billion ($484.8 million) in 2023 to N1.53 trillion ($1.02 billion) in 2024. This growth was driven by strong demand across multiple product lines, particularly bakery flour sales, which generated N544.88 billion ($362.2 million), and a 67.04% rise in fortified sugar sales to N567.39 billion ($377.1 million). Other product categories, including non-fortified sugar, sugar molasses, semolina, maize, pasta, and wheat bran, also recorded strong performance.
Key Financial Highlights (2024 vs 2023)
•Revenue:N1.53 trillion ($1.02 billion) (+109.29% YoY)
•Profit after tax:N274.9 billion ($182.7 million) (+145.5% YoY)
•Bakery Flour Sales:N544.88 billion ($362.2 million)
•Fortified Sugar Sales:N567.39 billion ($377.1 million)
•Retained Earnings:N429.95 billion ($281.64 million) (+69.3% YoY)
•Total Equity:N438 billion ($287.94 million) (+67.1% YoY)
•Total Assets:N1.056 trillion ($692.8 million) (-1.3% YoY)
BUA Foods’ Expanding Influence in Nigeria’s Agribusiness
As a key subsidiary within the BUA Group’s food division, BUA Foods manages a portfolio of top-performing brands, including:
•BUA Sugar Refinery Limited
•BUA Oil Mills Limited
•IRS Flour & Pasta Mills
•BUA Rice Limited
A major asset for the company is its Lafiagi Integrated Sugar Estate, a 20,000-hectare agricultural project featuring:
•A high-capacity sugar refinery
•Sugarcane crushing facilities
•An ethanol plant
•A large housing estate for workers
•Schools and infrastructure for surrounding communities
•A 3-kilometer private airstrip
Abdul Samad Rabiu’s Billion-Dollar Stake in BUA Foods
Abdul Samad Rabiu, chairman of BUA Group, remains the majority shareholder of BUA Foods, owning a 92.64% stake. The company is valued at $4.5 billion, making up a significant portion of Rabiu’s $4.6 billion net worth.
Outlook: BUA Foods’ Continued Expansion and Market Leadership
Despite a slight dip in total assets from N1.07 trillion to N1.056 trillion, the sharp rise in retained earnings (+69.3%) and equity (+67.1%) reflects the company’s financial strength and commitment to delivering long-term value to investors.
With Nigeria’s demand for essential food products rising, BUA Foods is positioned for further expansion, leveraging its integrated supply chain, market reach, and large-scale production capabilities to sustain growth in 2025 and beyond.
