Abdul Samad Rabiu, a Nigerian billionaire businessman, and his son received a dividend of N62.9 billion ($151.6 million) from his stake in BUA Foods Plc, his newly consolidated food conglomerate with active operations in the food and agro-allied industries.
According to Billionaire Africa, the billionaire received a massive $208 million dividend from his cement company, BUA Cement Plc, as part of cash rewards paid to shareholders nearly three weeks ago.
The $151.6 million dividend, which was electronically deposited into his bank account on Aug. 4, represents the majority of the N152 billion ($63 million) final dividend distribution approved by BUA Cement shareholders at the company’s annual general meeting.
Rabiu, who has a $5.8 billion net worth, has now received a total dividend of $359.6 million from his publicly traded businesses this year, which is significantly more than the $157 million he received last year.
The multimillion-dollar dividend paid by BUA Foods is the company’s first dividend payment since its shares were listed earlier this year on January 5. The cash payout to shareholders can be attributed to the company’s stellar performance during its fiscal year 2021.
BUA Foods’ profit increased by 97.05 per cent from N35.41 billion ($85.2 million) in 2020 to N69.76 billion ($167.84 million) in 2021, according to the group’s financial statement, which represents its first annual report since its shares were listed on the Nigerian Exchange over three months ago.
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Despite lower fortified sugar sales, BUA Foods reported a 13.72 per cent increase in profit in the first half of 2022, owing to an 11.3 per cent increase in revenue from N151.73 billion ($364.4 million) to N168.85 billion ($405.5 million).
Higher non-fortified sugar and flour sales drove revenue growth, offsetting lower fortified sugar sales during the review period.