BUA Foods Plc, a leading manufacturer of food products has announced its exceptional FY 2024 unaudited financial results, demonstrating resilience amidst economic headwinds.
The company’s result shows consistent growth and outstanding performance on all key financial indicators. Leveraging its clear expansion strategy, BUA Foods is well poised to continue delivering strong results and superior value to its stakeholders on the way to fulfilling Africa’s food demands.
Revenue surged by 109.29% to a record ₦1.53 trillion, a significant increase from ₦729.4 billion in the prior year, reflecting the successful execution of key strategic initiatives, volume increase with effective pricing strategies, and rigorous cost optimisation measures.
Gross profit rose by 107.9% hitting ₦541.71 billion compared to ₦260.5 billion in 2023.
BUA Foods’ profit after tax increased by 145.3% to reach ₦274.95 billion, rising from ₦112.1 billion during the comparable period – the previous year, further solidifying the company’s position as a leading force in the Nigerian food manufacturing sector.
Earnings Per Share (EPS) grew by 145.3% to ₦15.27 from ₦6.23 in the corresponding period (FY 2023) while EBITDA increased by 131.5% to ₦499.4 billion.
The company reported an increase in operating cost by 27.7% to ₦60.11 billion due to the rise in selling and distribution costs across the supply chain to customers.
This performance was driven by significant growth across key product lines, with sugar sales increasing by 74% to ₦733.8 billion, flour sales by 172% to ₦589.5 billion, and pasta sales by 125% to ₦197.6 billion.
Commenting, the Managing Director of BUA Foods, Engr. (Dr.) Ayodele Abioye said the results underscored the company’s ability to navigate challenges with agility and its resilience, as it continues to create value for all stakeholders.
Engr. Abioye said, “We are delighted to report an exceptional performance in FY 2024. Despite significant macroeconomic challenges, our business navigated the resulting impact on supply chain costs and foreign exchange losses effectively”.
“The cumulative impact of our expansion strategy has enabled our capability to fulfil increased demand from our customers and enhanced internal operational efficiencies. BUA Foods achieved an aggregate volume growth of 18% across our divisions. We hit a milestone revenue of ₦1.53 trillion, reflecting a 109% growth, while profit after tax surged by 145% to ₦274.95 billion. This performance has further reinforced our market position and industry leadership”.
“Looking ahead with optimism, coupled with stability in the macro-economic environment, we would continue to focus our operations and strategic investment initiatives towards addressing food supply challenges.
“Also, with the concerted efforts of our board, management, and frontline associates, we aim to deliver a strong performance with sustained value creation for all stakeholders in line with our north-star objectives.”
