BUA Foods Records N130.93bn Net Profit In H1

BUA Foods Plc has posted profit after tax of N130.930 billion in its results for the unaudited half year (H1) financial for the period ended June 30, 2024.

The Company results on the Nigerian Exchange showed that revenue grew by 110 per cent to N672.3 billion in HI 2024 from N320.9 billion in 2023, this was due to a year-on-year (y-o-y) increase of 88 per cent in sugar sales to N369.7 billion, 164 per cent in Flour sales to N227.9 billion and 95 per cent in Pasta sales to N74.03 billion in the year under review.

Cost of sales increased by 141 per cent to N453.90 billion in 2024 as against N188.09 billion in 2023, while gross profit rose by 64 per cent to N218.43 billion in 2024 compared to N132.8 billion in 2023. Operating profit grew by 75 per cent to N202.2 billion in 2024 from N115.86 billion.

Profit before tax of the Company increased by 25 per cent to N137.18 billion in 2024 higher than N109.38 billion in 2023. Profit after tax also grew by 38 per cent to N130.9 billion in 2024 compared to N95.1 billion in 2023, while the earning per share (EPS) stood at N7.27, a growth of 37 per cent y-o-y from N5.29 in the corresponding period.

Total assets increased by three per cent to N1.106 trillion as of H1, 2024 as against N1.070 trillion as at year end 2023, while total equity up by 50 per cent to N392.98 billion as of H1 2024 from N262.05 billion in full year 2023.

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Speaking on the results, the managing director of BUA Foods, Dr. Ayodele Abioye said, the first half of the year has been one of significant resilience and achievements for our company. We attained a robust financial performance, with total revenue increasing by 110 per cent to N672.3 billion compared to the same period last year.

“Our gross profit stands at N218.4 billion, reflecting a growth of 64 per cent. This solid performance is a testament to the efficacy of our strategic initiatives, operational efficiency, and unwavering dedication of our board, management, and other members of staff.

“During this period, we have made significant strides in executing our strategic plans, successfully launching new products, specifically, macaroni, premium pasta and semolina to meet the yearnings of our customers.”

Abioye noted that “our diversified portfolio and expansion into new markets impacted revenue growth while strengthening our partnership with key stakeholders.

We also maintained a strong focus on cost optimization, resulting in sustained margins and profitability.”

Looking ahead, he stated that “we remain confident in our ability to navigate the challenges and opportunities in the market. We will continue to leverage our strong and orchestrated supply chain system to deliver a great financial performance in line with our strategic vision for sustainable growth and value creation for all stakeholders.”