• Revenue soars 104% to N1.07 trillion
  • Gross Profit grows by 82% to ₦333.82 billion
  • Profit After Tax rises by 91% to ₦201.38 billion
  • Earnings Per Share (EPS) increases by 91% to N11.19

BUA Foods Plc, producer of BUA Sugar, BUA Rice, IRS Flour, IRS Pasta, and IRS Semolina, has unveiled its unaudited financial outcomes for the nine-month period concluding in September 2024, showcasing a remarkable year-over-year advancement.

The organization's revenue experienced a substantial increase of 104%, reaching N1.07 Trillion, a significant surge from the N524.42 billion recorded during the corresponding period in the previous year. Gross profit witnessed an impressive 82% growth, amounting to N333.82 billion compared to N183.78 billion achieved in the first nine months of 2023, further solidifying the company's prominent position within Nigeria's food manufacturing sector. Notably, profit after tax registered a noteworthy 91% increase, reaching N201.38 billion, surpassing the N105.61 billion recorded during the comparable period in the preceding year.

A significant factor in this performance was a year-over-year increase of 73% in sugar sales to ₦544.4 billion, 160% in flour sales to ₦389.9 billion, and 131% in pasta sales to ₦134.8 billion, reflecting the company's dedication to generating sustainable value for all stakeholders.

Operating expenses experienced a 56% increase to ₦43.86 billion due to an escalation in selling and distribution costs resulting from inflationary pressures.

BUA Foods' robust financial standing positions the organization to accomplish one of its 2025 objectives: becoming Nigeria's leading flour and pasta milling enterprise. This strategic milestone will be achieved through the execution of strategic agreements with Turkish and Italian firms, resulting in a significant increase in pasta production capacity to 900,000 metric tons per annum and flour production capacity to 2.5 million metric tons per annum.

The company's remarkable growth has been widely recognized and celebrated. Notably, BUA Foods achieved a significant milestone by becoming the first Nigerian company to receive the prestigious Company of the Year award at the 2024 All Africa Business Leaders Awards, held in partnership with CNBC in South Africa. Furthermore, the company was recently honored with the Most Valuable Indigenous Food Company of the Year award, the Customer-centric FMCG Corporate Brand of the Year award, and its IRS Premium Wheat Flour was recognized as the Flour Brand of the Year 2024.

Regarding the outcomes, the Managing Director of BUA Foods, Engr. (Dr.) Ayodele Abioye, stated:

“We are thrilled to have sustained a remarkable growth trajectory, underscoring the impact of our strategy, innovative product development, and steadfast commitment to quality, even in the face of a challenging business climate”.

“Revenue grew by 104% to N1.07 Trillion compared to the same period last year, while our gross profit stands at N333.8 billion, reflecting a growth of 82%. We saw the benefits of our production capacity expansion and product innovation, as we witnessed an 11% growth in aggregate volume which has further strengthened our position within the industry”.

“Looking ahead, we will remain steadfast in addressing current food supply challenges by leveraging newly commercialised supply chain assets and partnerships across our business divisions.  We would maintain a focus on driving internal efficiencies for business growth towards delivering long-term shareholder value.

We thank our stakeholders, particularly our customers, and consumers for their love for the brand even as we continue to nourish lives”.