BUA Foods plc Increased after Tax
BUA Foods Plc has recorded a 38% increase in its profit after tax, reaching N130bn at the end of June 2024, compared to N95.18bn in the same period of 2023, despite macroeconomic challenges. This is detailed in the company’s half-year financial results filed with the Nigerian Exchange Limited.
BUA Foods Financial Report
BUA foods plc financial report highlighted a 110% rise in revenue to N672.3bn from N320.9bn in 2023, primarily driven by strong performances in its sugar, flour, and pasta divisions.
BUA’s Sugar Sales
BUA’s Sugar sales increased by 88% to N369.7bn, flour sales surged by 164% to N227.9bn, and pasta sales grew by 95% to N74.03bn year-on-year.
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- BUA Food PLC Gross profit
BUA Food plc Gross profit rose by 64% to N218.4bn, and operating profit climbed by 75% to N202.3bn, reflecting improved operational efficiency. Despite a 141% increase in the cost of sales to N453.9bn, BUA Foods expanded its asset base by 3.3% to N1.11tn.
Managing Director Ayodele Abioye attributed the robust financial performance to strategic initiatives, operational efficiency, and the dedication of the company’s staff. The period saw the successful launch of new products like macaroni, premium pasta, and semolina, contributing to revenue growth and strengthened stakeholder partnerships.
Looking ahead, Abioye expressed confidence in navigating market challenges and leveraging the company’s supply chain system to sustain financial performance and create value for stakeholders.
Between December 2023 and August 2, 2024, BUA Foods’ share price appreciated by 96.43%, significantly outperforming other consumer goods stocks such as Unilever Nigeria, Flour Mills Plc, and Nestle Nigeria.
