BUA Foods Plc has reported N40.47 billion as post-tax profit in the first quarter of 2023 which is 77.15 per cent higher than the N22.85bn realised in Q1 2022.
A statement from the company said the basic earnings per share grew by 77.17%.
BUA Foods also maintained a strong balance sheet as total assets and total shareholder’s equity grew by 6.98% and 17.52% respectively.
The company reported that its sales grew from N90.07bn in the first quarter of 2022 to N144.32bn at the end of Q1 2023. The strong topline growth resulted in a significant increase in gross profit from N28.33bn to N56.66bn, up by 99.99%.
The revenue growth was majorly spurred by the rise from the sales of fortified sugar (95.72%), bakery flour (61.74%), non-fortified sugar (38.61%), Pasta (21.89%), and the revenue of N384 million realized from the sale of head rice which was not recorded in the preceding year of the same period.
BUA Foods also recorded a 41.99% increase in the cost of sales majorly spurred by the increase recorded in the cost of raw materials and energy among others, in the period.
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