BUA Foods Plc, a leading manufacturer of food products recently released its financial results for 2024.
Its unaudited financial results for the year (2024) show its revenue soaring 109.3% to ₦1.53 trillion; its Gross Profit grew by 107.9% to ₦541.71 billion; its Profit After Tax rose by 145.3% to ₦274.95 billion; while its Earnings Per Share (EPS) increased by 145.3% to ₦15.27.
The results clearly shows the company’s consistent growth and outstanding performance on all key financial indicators; while demonstrating its resilience amidst economic headwinds that buffeted the country during the period.
Revenue surged by 109.29% to a record ₦1.53 trillion, a significant increase from ₦729.4 billion in the prior year, reflecting the successful execution of key strategic initiatives, volume increase with effective pricing strategies, and rigorous cost optimisation measures.
Gross profit rose by 107.9% hitting ₦541.71 billion compared to ₦260.5 billion in 2023.
BUA Foods’ profit after tax increased by 145.3% to reach ₦274.95 billion, rising from ₦112.1 billion during the comparable period – previous year, further solidifying the company’s position as a leading force in the Nigerian food manufacturing sector.
Earnings Per Share (EPS) grew by 145.3% to ₦15.27 from ₦6.23 in the corresponding period (FY 2023) while EBITDA increased by 131.5% to ₦499.4 billion.
The company reported an increase in operating cost by 27.7% to ₦60.11 billion due to the rise in selling and distribution costs across the supply chain to customers.
This performance was driven by significant growth across key product lines, with sugar sales increasing by 74% to ₦733.8 billion, flour sales by 172% to ₦589.5 billion, and pasta sales by 125% to ₦197.6 billion.
Commenting, the Managing Director of BUA Foods, Engr. (Dr.) Ayodele Abioye, said the results underscored the company’s ability to navigate challenges with agility and its resilience, as it continues to create value for all stakeholders.
Engr. Abioye said, “We are delighted to report an exceptional performance in FY 2024. Despite significant macroeconomic challenges, our business navigatedthe resulting impact on supply chain costs and foreign exchange losses effectively”.
“The cumulative impact of our expansion strategy has enabled our capability to fulfil increased demand from our customers and enhanced internal operational efficiencies. BUA Foods achieved an aggregate volume growth of 18% across our divisions. We hit a milestone revenue of ₦1.53 trillion, reflecting a 109% growth, while profit after tax surged by 145% to ₦274.95 billion. This performance has further reinforced our market position and industry leadership”.
“Looking ahead with optimism, coupled with stability in the macro-economic environment, we would continue to focus our operations and strategic investment initiatives towards addressing food supply challenges.
Also, with the concerted efforts of our board, management, and frontline associates, we aim to deliver a strong performance with sustained value creation for all stakeholders in line with our north-star objectives.”
The BUA Foods boss emphasized that leveraging its clear expansion strategy, the Company is well poised to continue delivering strong results and superior value to its stakeholders on the way to fulfilling Africa’s food demands.
About BUA Foods
BUA Foods Plc (NGX: BUAFOODS) is a leading food business with well-diversified and scalable operations producing sugar, flour, semolina, pasta, rice and edible oils. The Company owns strategically located plants across Nigeria and a cordial alliance with local stakeholders in host communities. Additionally, BUA Foods is a resilient business built on a strong brand proposition and an operator with a well-known reputation for delivering high-quality products.
BUA Foods continues to invest in modern technology for efficient food production, innovatively expanding with strategic partners across the value chain. The Company is also well-positioned to leverage significant export potentials across West Africa and the larger African continent.
Headquartered and listed in Nigeria, BUA Foods is one of the most capitalised companies on the NGX Exchange and a leading consumer goods firm by market value.
