The 40TPH feed mill factory, once completed, is projected to significantly expand domestic feed production capacity.
The company’s unaudited results released to the Nigerian Exchange Ltd. (NGX) show gross profit climbed 56 %, while profit before tax surged 101 %.
Rabiu attributed much of the inflationary pressure to speculative hoarding of commodities like paddy rice during harvest season
The contract was formalized at a signing ceremony in Dubai, attended by Abdul Samad Rabiu, Founder and Executive Chairman of BUA Group, and Okcul Barlik, CEO of Agrimac Makina Limited.
The company’s revenue also climbed 24% year-on-year to N442.1 billion (US$363.6 million), buoyed by strong performances in flour, rice, and pasta segments.