BUA Foods Plc has announced its unaudited financial results for the nine months ended September 2024, reporting revenue growth to N1.07 trillion, a 104% increase from N524.42 billion in the same period last year.
The company’s gross profit rose by 82%, reaching N333.82 billion, compared to N183.78 billion reported during the same timeframe last year.
Profit after tax increased by 91% to N201.38 billion, up from N105.61 billion in 2023.
A key contributor to this performance was an increase in sales across various product categories. Sugar sales rose 73% to N544.4 billion, while flour sales increased by 160% to N389.9 billion.
Pasta sales also rose 131% to N134.8 billion.
Despite the financial performance, operating expenses rose by 56% to N43.86 billion, largely due to increased selling and distribution costs attributed to inflation.
Looking ahead, BUA Foods aims to become Nigeria’s largest flour and pasta milling company by 2025.
The company has signed agreements with Turkish and Italian firms to enhance its production capacity to 900,000 metric tonnes of pasta and 2.5 million metric tonnes of flour annually.
Engr. (Dr.) Ayodele Abioye, the Managing Director of BUA Foods, stated, “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 benefits from our production capacity expansion and product innovation, with an 11% growth in aggregate volume.”
