BUA Foods says to sustain growth as 9M profit rises to N105.6bn

BUA Foods Plc reported Profit After Tax (PAT) growth of 54percent to N105.6billion for the nine months ended September 30, 2023 as against N68.761billion it recorded same period in 2022.

In the period under review, all other performance indicators were sustained at double digits growth even as earnings per share increased by 53.7percent relative to same period in 2022.

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The company reported revenue growth of 81percent to N524.429billion from N289.819billion in same period of 2022. Across the business divisions there were significant growth in volume sold impacting the overall performance as well. Key drivers include slight price adjustments to reflect high input costs, volume growth and gradual commissioning of BUA Foods expansion projects.

Gross profit grew by 95.1percent to N183.780billion from N94.178billion. Operating profit also went up to N156.882billion from N80.664billion in nine months to September 2022, up by 94.5percent.

Profit before income tax (PBT) of N111.401billion in nine months to September 2023 represents an increase by 50 percent, from N74.268billion in same nine months period of 2022.

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Commenting on the results, Ayodele Abioye, Managing Director, BUA Foods said, “We are pleased to report a strong and successful fiscal YTD performance for BUA Foods having delivered strong top and bottom line returns across business portfolios and key financial metrics.”

“We have experienced double-digit growth within the period with revenue year-to-date (YtD) up by 81percent and PAT by 54percent, underscoring the strength of our business strategy, dedication of our exceptional team and support of our strategic partners. These were achieved despite the complexities presented by rising inflation, high interest rate resulting in pressure on consumer income, and Naira depreciation which led to FX losses,” Abioye said.

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He further said, “Clearly, BUA Foods Plc has not only weathered the storm but has thrived. We have strategically navigated challenges by embracing change, doubling down on efficiency, and carefully optimising costs without conceding our commitment to quality and service.

“Moreover, our focused investments in expansion projects are on course, providing a solid foundation for further growth and competitiveness. We remain excited about the prospects that lie ahead despite the headwinds, and confident in our business resilience for a sustained positive momentum.”