BUA Foods grows profit to N30bn in Q3

BUA Foods Plc has announced its unaudited financial statements for the third quarter that ended on September 30, 2022.

The financial report showed a profit after tax of N30.045 billion, a 65.18% increase year-on-year compared to N18.189 billion in Q3 2021. 

BUA Foods grows profit to N30bn in Q3

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The report also showed that turnover increased by 39.25% to N120.467 billion from N86.509 billion as of Q3 2021. 

Profit before tax increased by 60.83% to N31.880 billion from N19.821 billion as of Q3 ‘2021. In the same vein, profit after tax jumped to N30 billion up from N18.1 billion during the comparable period in 2021.

A closer look at the report showed that the company’s revenue was driven by a significant jump in revenue from sales of sugar and baking flour. 

Earnings per Share (EPS) were up 65.34% to 167 kobo from 101 Kobo as of Q3 ‘2021. 

The cost of sales rose by 32.43% to N79.393 billion from N59.949 billion in 2021. The increase was due to the high costs of energy and raw materials imports with its attendant foreign exchange burden that has remained a militating factor for the less-than-sterling performance of manufacturers.