Nigerian billionaire businessman Abdul Samad Rabiu is poised to reap dividends worth N16.67 billion ($162 million) from his stake in BUA Foods Plc, the leading publicly traded food conglomerate on the Nigerian Exchange (NGX)

The multimillion-dollar payout, comprising the lion’s share of the N81 billion ($175.9 million) dividend authorized by the company’s board, reflects BUA Foods’ outstanding financial results in its 2022 fiscal year, marked by record-breaking earnings.

In its recently released audited financial results, BUA Foods announced that its profit surged from N69.77 billion ($151.55 million) in 2021 to N91.34 billion ($198.4 million) at the close of its 2022 fiscal year, bolstered by a surge in revenue from its diverse product range, including sugar, pasta, bakery flour, and wheat bran.

The food conglomerate’s sales soared from N333.37 billion ($723.8 million) to N418.35 billion ($908.75 million) during the period under review, driven by surging demand for non-fortified sugar and other food products such as sugar molasses, bakery flour, pasta, and wheat bran.

BUA Foods’ remarkable revenue growth is a testament to the company’s unwavering commitment to expanding its offerings and optimizing profitability in a fiercely competitive market.

With heightened consumer demand for food items, prices surged, resulting in an uptick in revenue for the conglomerate.

In addition to the projected N16.67 billion ($162 million) dividend that Rabiu is poised to earn from BUA Foods later this year, the astute Nigerian billionaire industrialist is also anticipating another handsome dividend of N91.3 billion ($198 million) from his shareholding in BUA Cement Plc.

Despite stiff competition, BUA Cement achieved an outstanding 12.14-percent surge in profits, climbing from N90.08 billion ($195.6 million) in 2021 to a historic N101.01 billion ($219.4 million) in 2022, according to its recently released financial statements.