Africa’s third-richest billionaire Abdul Samad Rabiu, the renowned Nigerian businessman and chairman of BUA Group, has witnessed an impressive start to the fiscal year as his publicly listed businesses raked in a total profit of $146.2 million in the first quarter of 2023.
This stellar performance has catapulted Rabiu to the position of Africa’s third-richest billionaire, cementing his status as a formidable force in the business world.
The surge in profit was primarily driven by the exceptional performance of BUA Foods, Rabiu’s food conglomerate.
The combined businesses of BUA Cement and BUA Foods yielded a profit of N67.27 billion ($146.2 million) during the first quarter of this year, marking a notable 20.15 percent increase from the N55.99 billion ($121.7 million) profit generated during the same period in 2022.
While BUA Cement experienced a decline in earnings, with profits dropping by 19.1 percent from N33.14 billion ($72.03 million) in Q1 2022 to N26.8 billion ($58.25 million) in Q1 2023, BUA Foods reported an exceptional 77.1 percent surge in profit, soaring from N22.84 billion ($49.64 million) in Q1 2022 to N40.47 billion ($ in Q1 2023.
The strong financial performance of BUA Foods played a crucial role in Rabiu’s ascent to Africa’s third-richest billionaire.
As of the drafting of this report, BUA Cement boasted a market capitalization of N3.05 trillion ($6.63 billion), while the market capitalization of BUA Foods, which encompasses BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited, stood at N2.11 trillion ($4.57 billion).
Abdul Samad Rabiu’s remarkable journey on the Forbes List
Rabiu’s success story continues to unfold on the prestigious Forbes List.
Having already surpassed Egyptian billionaire Nassef Sawiris to secure the position of Africa’s fourth-richest billionaire, Rabiu recently displaced South African billionaire businessman Nicky Oppenheimer to secure the position of Africa’s third-richest billionaire.
This achievement was largely attributed to the remarkable increase in the market value of Rabiu’s stakes in his publicly listed businesses.
At the helm of BUA Group, a prominent Nigerian conglomerate operating in cement production, sugar refining, and real estate, Rabiu has consistently grown his wealth over the past decade. His net worth has surged from $1.2 billion in 2014 to an impressive $8.6 billion today, representing a staggering increase of $7.4 billion.
In addition to the surge in net worth, the Nigerian billionaire businessman is expected to receive a substantial dividend payout from his listed businesses, BUA Cement and BUA Foods. Data compiled by Billionaires.Africa reveals that he is set to pocket a total dividend of N167.3 billion ($360 million).
With his businesses flourishing and his net worth scaling new heights, Rabiu continues to solidify his status as one of Africa’s most influential and successful entrepreneurs.