Onome Amuge
BUA Foods, one of Nigerian leading food producers has reported a more than doubling of its profit after tax to N125.3 billion for the first quarter ended March 31, 2025, a 124.5 per cent increase compared with the N55.8 billion recorded in the same period a year prior.
The Nigerian Exchange (NGX)-listed company, in unaudited results filed with the Exchange, attributed the strong performance to improved sales and enhanced cost efficiency. In addition, turnover for the quarter reached N442.1 billion, up from N356.9 billion in the first three months of 2024.
Gross profit followed a similar profitable trajectory, climbing to N160.9 billion from N115.4 billion, while operating profit saw a 32.7 per cent increase to N138.9 billion (2024: N104.7 billion). Profit before tax more than doubled to N136.4 billion, compared to N62.4 billion in the corresponding period last year.
The buoyant results translated to a significant jump in earnings per share, which rose to N6.96 from N3.10.
Bua Foods also benefited from a substantial reduction in its finance costs, which fell from N15.2 billion to N3.8 billion, reflecting better management of its debt and lower borrowing costs. Furthermore, the company recorded a foreign exchange gain of N485.7 million, a notable swing from the N27.3 billion loss in the first quarter of 2024.
However, operating expenses saw an increase, with administrative costs rising to N11.3 billion (2024: N4.6 billion) and selling and distribution expenses reaching N11.1 billion (2024: N9.8 billion).
The company’s total assets grew to N1.14 trillion, up from N1.1 trillion at the end of December 2024. Shareholders’ equity saw a more significant rise to N554.3 billion from N429.1 billion, indicating a strengthening of its financial base.
