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BUA Foods profit rises by 145.3% as revenue hits N1.53trn

BUA Foods grows H1 profit by 38% as revenue hits N672.3bn

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.

The company’s revenue surged by 109.3 percent 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 percent to N541.71 billion, while profit after tax (PAT) rose 145.3 percent to N274.95 billion, further solidifying BUA Foods’ position as one of the dominant players in Nigeria’s food manufacturing sector.

Earnings Per Share (EPS) climbed 145.3 percent to N15.27, underscoring the company’s ability to drive value creation for shareholders.

Read also: BUA Foods awards dealers N2.4bn for performance

Across key product categories, sugar sales increased by 74 percent to N733.8 billion, flour sales surged by 172 percent to N589.5 billion, and pasta sales grew by 125% to N197.6 billion, reflecting strong market demand and the company’s robust distribution network.

The company’s resilience, operational efficiency, and strategic expansion efforts have continued to drive remarkable financial performance, further reinforcing its leadership position in the industry.

Abdul Samad Rabiu, Founder and Chairman of BUA Foods 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, optimize 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.”

Speaking on the results, 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.”

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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