Wednesday, February 12, 2025
-2.1 C
Hamburg

BUA Foods Reports Record N1.53tn Revenue, PAT Soars by 145.2%

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.”

Hot this week

FG Transforms Nok University into Federal University of Applied Sciences

Agency Report - President Bola Tinubu has ordered the Federal...

Mixed Reactions Trail Third-Party Insurance Policy in Kogi, Nasarawa, Niger

Agency Report - Some residents of Kogi, Nasarawa and Minna...

El-Rufai Says Betrayers’ Conscience ‘Won’t Let Them Sleep Well’

ABUJA — Former Kaduna State Governor Nasir El-Rufai has...

Wike Directs Security Agencies to Monitor Almajiri Influx, Suspicious Movements in FCT

Agency Report - Minister of the Federal Capital Territory, FCT,...

Dangote Refinery Cuts Diesel Price to N1,020 Per Litre

LAGOS — Dangote Petroleum Refinery & Petrochemicals has further...

Latest

FG Transforms Nok University into Federal University of Applied Sciences

Agency Report - President Bola Tinubu has ordered the Federal...

Mixed Reactions Trail Third-Party Insurance Policy in Kogi, Nasarawa, Niger

Agency Report - Some residents of Kogi, Nasarawa and Minna...

El-Rufai Says Betrayers’ Conscience ‘Won’t Let Them Sleep Well’

ABUJA — Former Kaduna State Governor Nasir El-Rufai has...

Dangote Refinery Cuts Diesel Price to N1,020 Per Litre

LAGOS — Dangote Petroleum Refinery & Petrochemicals has further...

“Prove Your Innocence in Court,” INEC Tells Suspended Adamawa REC Ari

Agency Report - Independent National Electoral Commission, INEC, has advised...

NCS Bows To Pressure, Suspends Implementation of 4% FOB

The Nigeria Customs Service, NCS, has suspended implementation of...

El-Rufai Dismisses Arrest Rumors, Vows to Return to Nigeria for IBB Book Launch

ABUJA — Former Kaduna State Governor Nasir El-Rufai has...
spot_img

Related Articles

Popular Section

spot_imgspot_img

MORE FROM CHATNEWSTV

NCS Bows To Pressure, Suspends Implementation of 4% FOB

The Nigeria Customs Service, NCS, has suspended implementation of the 4 per cent charge on the Free On-Board, FOB, value of imports. The Spokesman of...

CBN introduces N100 fee for ATM withdrawals

Agency Report - The Central Bank of Nigeria, CBN, says it has eliminated the three free monthly withdrawals transaction fees for customers using other banks’...

Sigma Golf to forfeit 6.2bn Keystone Bank shares

Agency Report - An Ikeja Special Offences Court on Tuesday ordered forfeiture to the Federal Government, of Sigma Golf Nig. Ltd. rights, title and interest...

German travel giant TUI ‘on track’ as hotels, cruises boost revenue

Agency Report - Hannover  - German travel group TUI reported a strong start to its financial year on Tuesday, with net loss narrowing and revenue up by...

Germany’s DAX index passes landmark of 22,000 points amid record run

Agency Report - Frankfurt  - Germany's leading stock market index, the DAX, passed the landmark figure of 22,000 points for the first time on Tuesday. The Frankfurt-based...

German steel industry calls on EU to prevent US tariffs

Agency Report - US President Donald Trump's announcement that he is planning to impose 25% tariffs on steel and aluminium imports is hitting the EU steel sector at...

Strike brings public transport in Berlin to a standstill

Agency Report - Public transport workers went on strike in Berlin on Monday, bringing the German capital's bus, tram and underground services to a standstill...

Tincan Island Port: Compt Onyeka Engages Stakeholders, Sensitizes Them on the Implementation of 4% FOB and B’Odogwu

In his continuous effort and  renewed vigor to bring stakeholders up to speed on some of the emerging policies of the Nigeria Customs Service,...

Saraki Pleads With FG To Reconsider 4% FOB Levy, Says It Will Hurt Businesses and Consumers

Bukola Saraki, former senate president has expressed concerns over the 4% free-on-board (FOB) levy introduced by Nigeria Customs Service (NCS)• NCS had on February 5,...