Abdul Samad Rabiu, Africa’s fourth-richest billionaire, will get a N91.3 billion ($198 million) dividend from his stake in BUA Cement Plc after the company once again proved its financial strength by posting record-breaking earnings at the conclusion of its 2022 fiscal year.
The majority of the dividend decided by the board of directors of the cement manufacturer would be paid out as a dividend from BUA Cement’s retained earnings, which are estimated to be worth N181.9 billion ($437.5 million).
Under the direction of Nigerian businessman and industrialist Abdul Samad Rabiu, who has a 96.3 percent stake in the company, BUA Cement, the second-largest cement maker in Nigeria, operates with a combined installed capacity of 8 million metric tonnes annually.
According to BUA Cement’s recently released financial statements, the company saw an exceptional 12.14 percent increase in profits, going from N90.08 billion ($195.6 million) in 2021 to a historic N101.01 billion ($219.4 million) in 2022. This was despite the industry being extremely competitive.
These outstanding numbers demonstrate BUA Cement’s unwavering financial stability and demonstrate its capacity to maximize profitability in a cutthroat business, solidifying the company’s position as a top performer.
The Board of Directors of BUA Cement proposed to its shareholders a dividend payment of N2.8 ($0.00608) per share, a significant increase over the N2.6 ($0.0056) paid the previous year due to the company’s exceptional financial performance during the review period.
Rabiu, who holds a controlling stake in Nigeria’s largest cement manufacturer, is set to receive N91.3 billion ($198.27 million) in dividends as a result of the group’s acceptance.
The Nigerian billionaire, who owns 96.29 percent of the business, will earn a dividend that would be much more than the N86.5 billion ($187.8 million) he received in 2022.
