Nigerian Business Tycoon Abdul Samad Rabiu Hits $7 Billion Net Worth
By Adeke Chukwuka
Abdul Samad Rabiu, the chairman of BUA Group, an expanding industrial conglomerate in Africa, has reached a significant milestone as his net worth soared to an impressive $7 billion.
Nigeria’s second-richest man, Abdul Samad Rabiu, has experienced a notable upswing in his wealth in the past month, climbing from $6.5 billion on September 11th to an impressive $7 billion. As per Forbes, Rabiu is currently ranked as the 379th richest person globally.
Abdul Samad Rabiu, who holds a majority stake in BUA Foods, which went public in 2022, also owns BUA Cement, his primary cement venture, which is publicly traded.
His wealth surge is credited to the outstanding performance of his 96.29 percent ownership in BUA Cement, as the company’s shares hit a new 52-week high of N105.8 ($0.137) recently.
BUA Cement’s shares surged following the company’s announcement of a significant reduction in cement prices. This strategic move is anticipated to impact industry competition, benefit consumers, and potentially reshape the market.
The price cut, effective October 2nd, 2023, will bring BUA Cement Plc’s prices down from N5,500 to N3,500 per bag.
BUA Cement announced plans for a pricing review in Q1 2024 after completing plant construction projects aimed at increasing production capacity to 17 million metric tons annually.
In its year-end 2022 report, the company posted a pre-tax profit of N120 billion, marking a 16.79% rise from the N102.87 billion reported in 2021.
Despite inflation and the depreciation of the naira, increasing sales of bagged cement products drove the increase in pre-tax profits. 99.46% of the company’s total revenue during the time came from these goods.
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