TY Buratai Literary Initiative Recognizes Excellence in Young Adult Literature

By Lawrence Bilal Audu

The Tukur Buratai Research Centre (TBRC) has announced plans to host the TY Buratai Literary Initiative Award Ceremony, celebrating exceptional writers in the Young Adult Literature category.

Scheduled for November 1, 2024, at the Tukur Buratai Research Centre, Gora, Abuja-Keffi Expressway, Nasarawa State, the event promises to be an unforgettable evening of literary excellence.

According to organizers, the ceremony aims to recognize and reward talented writers who have made significant contributions to young adult literature. The initiative seeks to promote literary talent, inspire future generations, and foster a culture of reading and writing.

The event will feature keynote addresses by renowned literary figures, award presentations, readings, and performances by young writers. Attendees will also have opportunities to network with publishing industry professionals.

The TY Buratai Literary Initiative Award Ceremony is expected to draw literary enthusiasts, writers, and industry experts from across Nigeria.

This epoque-making event highlights the importance of nurturing literary talent and promoting young adult literature in Nigeria.

BUA Foods Grows Revenue To N1.07 Trillion, Gross Profit Rises 82% In Nine Months

 Revenue soars 104% to N1.07 trillion

 Gross Profit grows by 82% to ₦333.82 billion

 Profit After Tax rises by 91% to ₦201.38 billion

 Earnings Per Share (EPS) increases by 91% to N11.19

BUA Foods Plc, makers of BUA Sugar, BUA Rice, IRS Flour, IRS Pasta, and IRS Semolina, has released its unaudited financial results for the nine months ended September 2024, marking a year-on-year performance leap.

The company’s revenue for the nine-month period grew by 104% to N1.07 Trillion, a significant jump from the N524.42 billion reported in the same period last year. Gross profit surged by 82%, hitting N333.82 billion compared to N183.78 billion in 9M of 2023, further consolidating the company’s standing in Nigeria’s food manufacturing industry. Its profit after tax increased by 91% to hit N201.38 billion, rising from N105.61 billion during the comparable period, last year.

A key driver of this performance was a year-on-year increase of 73 percent in sugar sales to ₦544.4 billion, 160 percent in flour sales to ₦389.9 billion, and 131 percent in pasta sales to ₦134.8 billion reflecting the company’s commitment to creating long-term value for all stakeholders.

Operating expenses saw a 56% increase to ₦43.86 billion on the back of a rise in selling and distribution costs due to inflation.

BUA Foods’ strong financial performance positions the company to achieve one of its 2025 goals of becoming Nigeria’s biggest flour, and pasta milling company after signing strategic agreements with Turkish and Italian firms to increase its pasta production capacity to 900, 000 metric tonnes per annum and flour to 2.5 million metric tonnes per annum.

This impressive growth trajectory has been recognised with numerous accolades. Just last week, BUA Foods emerged as the first Nigerian company to be honoured with the prestigious Company of the Year award at the 2024 All Africa Business Leaders Awards in partnership with CNBC in South Africa. Additionally, the company recently received the Most Valuable Indigenous Food Company of the Year award, the Customer-centric FMCG Corporate Brand of the Year award, while its IRS Premium Wheat Flour was named Flour Brand of the Year 2024.

Commenting on the results, the Managing Director of BUA Foods, Engr. (Dr.) Ayodele Abioye, said:

“We are thrilled to have sustained a remarkable growth trajectory, underscoring the impact of our strategy, innovative product development, and steadfast commitment to quality, even in the face of a challenging business climate”.

“Revenue grew by 104% to N1.07 Trillion compared to the same period last year, while our gross profit stands at N333.8 billion, reflecting a growth of 82%. We saw the benefits of our production capacity expansion and product innovation, as we witnessed an 11% growth in aggregate volume which has further strengthened our position within the industry”.

“Looking ahead, we will remain steadfast in addressing current food supply challenges by leveraging newly commercialised supply chain assets and partnerships across our business divisions. We would maintain a focus on driving internal efficiencies for business growth towards delivering long-term shareholder value.

We thank our stakeholders, particularly our customers, and consumers for their love for the brand even as we continue to nourish lives”.

*Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth* 

Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to

₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.