BUA Foods posts 1.07 trillion revenue in 9 months

BUA Foods Plc has released its unaudited financial results for the nine months ended September 2024, growing revenue to N1.07 trillion for the nine-month period.

This represents 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.

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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.

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”.