BUA Foods’ Revenue Surges By 109% To N1.53trn In FY 2024

BUA Foods Plc, one of Nigeria’s leading food manufacturing companies, has announced its unaudited financial results for the fiscal year 2024, posting significant growth across all key performance indicators.

In the financial report released to the Nigerian Exchange Limited, the company said it’s resilience, operational efficiency, and strategic expansion efforts have continued to drive remarkable financial performance, further reinforcing its leadership position in the industry.

Founder and chairman of BUA Foods, Abdul Samad Rabiu, attributed the company’s strong results to its unwavering commitment to innovation, efficiency, and market expansion.

He stated, “BUA Foods’ exceptional growth in 2024 is a testament to our long-term vision of ensuring food security in Africa. We have continued to invest in capacity expansion, optimise our supply chain, and enhance operational efficiencies to meet growing market demand. As we move forward, our focus remains on driving sustainable growth, strengthening our market leadership, and delivering superior value to our customers and stakeholders.”

The company’s revenue surged by 109.3 per cent to a record N1.53 trillion, up from N729.4 billion in 2023, driven by strong sales growth across key product segments, optimised pricing strategies, and enhanced cost management measures.Gross profit grew by 107.9 per cent to N541.71 billion, while profit after tax rose 145.3 per cent to N274.95 billion, further solidifying BUA Foods’ position as a dominant player in Nigeria’s food manufacturing sector. Earnings Per Share (EPS) climbed 145.3 per cent to N15.27, underscoring the company’s ability to drive value creation for shareholders.Across key product categories, sugar sales increased by 74 per cent to N733.8 billion, flour sales surged by 172 per cent to N589.5 billion, and pasta sales grew by 125 per cent to N197.6 billion, reflecting strong market demand and the company’s robust distribution network.

Speaking on the results, Dr. Ayodele Abioye, Managing Director of BUA Foods, said:“We are pleased to report another year of exceptional performance despite prevailing macroeconomic challenges. The effectiveness of our expansion strategy, coupled with our operational excellence, enabled us to achieve strong volume growth and revenue milestones. Looking ahead, we remain committed to deepening our market presence, optimising efficiencies, and ensuring that we continue to deliver superior value to all stakeholders in line with our strategic objectives.