Africa’s fourth-richest billionaire Abdul Samad Rabiu is set to pocket a N91.3 billion ($198 million) dividend from his stake in BUA Cement Plc after the company once again demonstrated its financial prowess by achieving record-breaking profits at the end of its 2022 fiscal year.
The dividend which will be paid directly from BUA Cement’s retained earnings of approximately N181.9 billion ($437.5 million) represents the majority of the dividend approved by the Board of Directors of the cement maker.
BUA Cement, the second-largest cement producer in Nigeria, operates with a combined installed capacity of 8 million metric tonnes per year under the leadership of Nigerian businessman and industrialist Abdul Samad Rabiu, who holds a 96.3-percent ownership stake in the company.
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.
These impressive figures serve as a testament to BUA Cement’s unwavering financial strength and its ability to optimize profitability in a highly competitive market, cementing its position as a top-performing company in the industry.
Thanks to its outstanding financial performance during the review period, BUA Cement’s Board of Directors recommended a dividend payout of N2.8 ($0.00608) per share to its shareholders, a significant increase from the previous year’s N2.6 ($0.0056).
As the majority shareholder of Nigeria’s top cement producer, Rabiu is poised to receive N91.3 billion ($198.27 million) in dividends, courtesy of the group’s approval.
With a 96.29-percent stake in the company, the Nigerian billionaire is set to receive a significantly higher dividend than the N86.5-billion ($187.8 million) payout he received in 2022.