Abdul Samad Rabiu Very Happy BUA Foods Becomes The Most Profitable Consumer Goods Company In Nigeria
Billionaire businessman and chairman of BUA Group, Abdul Samad Rabiu has confirmed BUA Foods PLC – one of the subsidiaries in the conglomerate he founded in 1988 – to be the most profitable consumer goods company in Nigeria.
The development has transformed the leading entrepreneur and philanthropist, who has continued to touch lives across Africa through his ASR Africa, a very happy man.
Highstreet.ng pieced together Mr Rabiu is particularly very happy the business – only in the second year of its operation as a consolidated entity and posted 81 billion profit after tax last year – also went ahead to record another 95 billion Naira profit in the first six months of 2023.
“We are quite happy… The business did very well last year. They posted over 80 billion naira profit after tax. So we are really very pleased with the performance of the business. And we actually are going to do much better this year. The only issue or problem is that all along there has been Ukraine- Russia war that affected and still affecting a bit the price of wheat… that has improved in the sense that the price has come down. But again, we have the issue of the Naira float. But so far so good, I must commend management for a job well done. They did very, very well. The business is young. It is only two years. This is our second AGM. Yet, we have turned out to be the most profitable consumer goods business in the country today posting 81 billion naira profit last year after tax. And this year, the first six months, we have already posted over N98 billion for six months of 2023. We expected that to continue.” the business tycoon said in a recent video obtained by highstreet,ng.
