Onome Amuge
BUA Foods Plc, a leading manufacturer of consumer goods has reported exceptional unaudited financial results for FY 2024, with a revenue growth of 109.29 percent year-on-year, reaching a record high of N1.53 trillion compared to the N729.4 billion reported in the preceding year.
A deeper analysis of BUA Foods Plc’s unaudited financial statement for FY 2024 reveals a growth trajectory across all key performance indicators. This is as gross profit for the year saw a 107.9 percent increase, climbing from N260.5 billion in 2023 to N541.71 billion.
BUA Foods’ profit after tax also exhibited a positive trajectory, rising 145.3 percent to reach a notable N274.95 billion, up from N112.1 billion in the prior year. This was attributed to the company’s robust financial health, serving as an indicator of its sustained dominance in the Nigerian food manufacturing sector.
Meanwhile, Earnings Per Share (EPS) was up 145.3 percent to N15.27 from N6.23 in FY 2023, reflecting the company’s profitability growth. This is as earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 131.5 percent to N499.4 billion.
Notwithstanding a 27.7 percent increase in operating costs to N60.11 billion, largely attributed to increased selling and distribution expenses incurred while bringing products to consumers, BUA Foods Plc’s resilient performance was largely fueled by robust growth in key product lines.
Sugar sales registered a 74 percent increase to N733.8 billion, followed by a 172 percent surge in flour sales to N589.5 billion, and a 125 percent rise in pasta sales to N197.6 billion.
Ayodele Abioye, the managing director of BUA Foods, remarked that the financial results underscored the company’s ability to navigate challenges with agility and its resilience, as it continues to create value for all stakeholders.
“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,” he added.
Looking ahead with optimism, coupled with stability in the macro-economic environment, Abioye assured that the company would continue to focus its operations and strategic investment initiatives towards addressing food supply challenges.
The BUA Foods MD further noted that the company aims to deliver a strong performance with sustained value creation for all stakeholders in line with our north-star objectives with the concerted efforts of its board, management, and frontline associates.
