In a remarkable display of resilience and strategic execution, BUA Foods Plc, one of Nigeria’s leading food manufacturing companies, has announced record-breaking financial results for the fiscal year 2024.
The company reported a staggering 109.3% increase in revenue, reaching an all-time high of ₦1.53 trillion, up from ₦729.4 billion in 2023.
The unaudited financial statement also revealed a 145.3% surge in Profit After Tax (PAT), which climbed to ₦274.95 billion from ₦112.1 billion in the previous year. This exceptional performance comes amid challenging economic conditions, showcasing BUA Foods’ ability to navigate headwinds and deliver value to its stakeholders.
Gross profit grew by 107.9% to ₦541.71 billion, up from ₦260.5 billion in 2023, while Earnings Per Share (EPS) rose by 145.3% to ₦15.27, compared to ₦6.23 in the previous year.
EBITDA also saw significant growth, increasing by 131.5% to ₦499.4 billion. Operating costs, however, rose by 27.7% to ₦60.11 billion, driven by higher selling and distribution expenses.
BUA Foods’ growth was driven by significant sales increases across its key product lines. Sugar sales grew by 74% to ₦733.8 billion, flour sales surged by 172% to ₦589.5 billion, and pasta sales increased by 125% to ₦197.6 billion.
The Managing Director of BUA Foods, Ayodele Abioye, through a statement on Thursday, credited the company’s success to its strategic expansion, operational efficiencies, and effective cost management.
He 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”.
He added that the company’s expansion strategy enabled it to meet increased customer demand and enhance operational efficiencies, resulting in an 18% aggregate volume growth across its divisions.
Looking ahead, Abioye expressed confidence in the company’s ability to sustain its growth trajectory.
“With stability in the macroeconomic environment, we will continue to focus on strategic investments and operational excellence to deliver strong performance and achieve our long-term objectives,” he said.
BUA Foods’ stellar performance has further cemented its position as a market leader in Nigeria’s food manufacturing sector.
