In the first nine months of 2024, BUA Foods reported a substantial 94% rise in pre-tax profit, reaching ₦215.66 billion, up from ₦111.4 billion during the same period in 2023. Revenue grew by 104% year-over-year (YoY) to ₦1.07 trillion, surpassing total revenue for 2023 (₦728.44 billion). However, rising production costs, particularly in raw materials and energy (+100% YoY), consumed 70% of revenues, pushing cost of sales to ₦736.97 billion (+116% YoY).
Key Financial Highlights (January–September 2024):
- Revenue: ₦1.07 trillion (+104% YoY)
- Gross Profit: ₦333.82 billion (+82% YoY)
- Operating Profit: ₦315.12 billion (+101% YoY)
- Foreign Exchange Loss: ₦87.96 billion (+164% YoY)
- Profit Before Tax: ₦215.65 billion (+94% YoY)
- Profit After Tax: ₦201.38 billion (+91% YoY)
Third-quarter results showed similar growth, with revenue at ₦398.4 billion, gross profit at ₦115.38 billion, and foreign exchange losses holding steady at ₦33.29 billion.
Most of BUA Foods’ revenue came from fortified sugar (₦421.77 billion) and bakery flour (₦384.13 billion). The revenue increase likely reflects higher product prices rather than volume growth, driven by inflation, which peaked at 34.19% with food inflation over 40%, raising costs for items like sugar, maize, and pasta.
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