Chairman of BUA Group, Abdulsamad Rabiu has e-joined Bloomberg’s list of the world’s richest people after recent increases in the valuations of his top companies, particularly BUA cement.
The Bloomberg Billionaires Index shows that the 63-year-old billionaire currently has assets worth $5.98 billion, making him the 403rd richest person on the planet.
The Bloomberg Billionaires Index, launched in March 2012, is a daily ranking of the world’s 500 richest people based on their net worth.
It draws on information from stock market events, economic indicators, and news reports, contains profiles of each billionaire, and includes tools that allow users to compare the wealth of several millionaires. increase. The index is updated daily with closing prices in New York.
BUA Cement is the second-largest cement manufacturer in the country, with a turnover of N361 billion in 2022.
According to information on the company’s website, the majority of Rabiu’s wealth comes from his shares in BUA Cement, the second-largest cement producer in Nigeria.
According to the 2023 half-year report, he owns about 98 per cent of the company’s shares directly and through three other companies.
Investor confidence in BUA Cement has increased consistently, with the share price increasing by 12.55 per cent over the past week, reaching an all-time high of N105.80 with a year-on-year change of over 107 per cent.
BUA Foods’ second-quarter results showed a 289.61 per cent year-on-year increase in pre-tax profits to reach N61.81 billion. Unlike other companies in the same industry, BUA Foods does not suffer any negative impact from exchange rate fluctuations.
This took pre-tax profit for the half-year to N109.38 billion, compared to N42.702 billion in the same period last year.
BUA Foods’ profit after tax was N95.2 billion by the end of June this year, compared to N39.3 billion as of the same period in 2022, a 142.24 per cent increase.
According to the company’s 2023 half-year report, it also controls 93 per cent of BUA Foods, which owns Nigeria’s largest pasta and flour factory.