The company, which was listed on the
Nigerian Exchange Limited early this month, said on Tuesday that its net profit
rose to N16.56bn in the period under review from N15.53bn in 2020.
Its revenue increased to N79.69bn from
N74.59bn, according to its unaudited financial statements obtained from the
NGX.
The management of BUA Foods was hosted to a
closing gong ceremony on the main floor of the NGX on Tuesday after addressing
market stakeholders with a virtual fact behind the listing presentation.
The company said in a statement that it had
since the listing received significant acceptance, going by the volume of
demand for the shares which it said had boosted the market capitalisation of
the NGX by over N1tn.
The Chairman, BUA Group Plc, Abdulsamad
Rabiu, said the company was determined to explore the huge opportunities
available in the agribusiness to promote food security and growth for Nigerians
and Africans.
Represented by Group Executive Director,
BUA Foods, Alhaji Kabiru Rabiu, he said, “Today, for us, is very historic and
we are excited to begin the year with the listing. The population of Nigeria is
over 200 million and our food production capacity is still not enough to meet
current demands. However, with the listing of our food business on the NGX,
there is high hope for Nigeria in terms of building capacity for food
sufficiency.
“As a country, we have agricultural
resources coupled with human capital to harness needed raw materials to produce
what we need for our consumption, and develop our nation. We are positioning
our brand to take advantage of export opportunities through our strategically
located plants from which foreign exchange can be generated both for the
company and economy.”
The acting Managing Director, BUA Foods, Mr
Ayodele Abioye, said, “Our fast-paced and strategic investments in the food
industry positions us to capture growth opportunities within the sector, create
headroom ahead of demand, generate sustainable employment while promoting
national food security.
“Additionally, as a business we will
continue to create sustainable value for our consumers and stakeholders.”
The Chief Executive Officer, NGX, Mr Temi
Popoola, was quoted as saying the listing marked a new beginning for BUA Foods,
saying the company could leverage services the Exchange offers to achieve its
strategic objectives.
He said, “BUA Foods has experienced an
upward trend in share price, market capitalisation, and trading activity since
its listing on the Exchange. At NGX, this milestone transaction is in line with
our strategic objectives to improve listings and enhance investors’
participation in our market.
“As a multi-asset Exchange, NGX is
strategically positioned to be the preferred listing and investment destination
connecting Nigeria, Africa, and the world.”