BUA Foods Achieves Record Revenue Growth, Driven by Rising Sales Across Key Products
Detailed Breakdown:
BUA Foods Plc, a leading Nigerian food processing company, reported impressive financial performance for the first nine months of 2024, with revenue reaching N1.07 trillion—a remarkable 104% increase from the same period in the previous year. This growth reflects increased demand across its product lines, including sugar, flour, and pasta.
1. Revenue and Profit Growth:
• Revenue: Rose by 104% to N1.07 trillion.
• Gross Profit: Increased by 82% to N333.82 billion.
• Profit After Tax: Jumped by 91% to N201.38 billion.
2. Product-Specific Growth:
• Sugar Sales: Grew by 73% to N544.4 billion.
• Flour Sales: Surged by 160% to N389.9 billion.
• Pasta Sales: Increased by 131% to N134.8 billion.
3. Expansion and Strategic Partnerships:
• BUA Foods is pursuing ambitious growth targets for 2025, aiming to lead Nigeria’s flour and pasta markets.
• The company has partnered with Turkish and Italian firms to boost annual production capacities to 900,000 metric tonnes for pasta and 2.5 million metric tonnes for flour.
4. Challenges and Resilience:
• Despite a 56% rise in operating expenses due to inflation and distribution costs, BUA Foods remains focused on its goals.
• Managing Director Ayodele Abioye credited this resilience to product innovation, capacity expansion, and ongoing commitment to addressing Nigeria’s food supply challenges.
BUA Foods expressed appreciation for stakeholder support, emphasizing its dedication to quality and shareholder value as it continues to expand its market presence.
Detailed Breakdown:
BUA Foods Plc, a leading Nigerian food processing company, reported impressive financial performance for the first nine months of 2024, with revenue reaching N1.07 trillion—a remarkable 104% increase from the same period in the previous year. This growth reflects increased demand across its product lines, including sugar, flour, and pasta.
1. Revenue and Profit Growth:
• Revenue: Rose by 104% to N1.07 trillion.
• Gross Profit: Increased by 82% to N333.82 billion.
• Profit After Tax: Jumped by 91% to N201.38 billion.
2. Product-Specific Growth:
• Sugar Sales: Grew by 73% to N544.4 billion.
• Flour Sales: Surged by 160% to N389.9 billion.
• Pasta Sales: Increased by 131% to N134.8 billion.
3. Expansion and Strategic Partnerships:
• BUA Foods is pursuing ambitious growth targets for 2025, aiming to lead Nigeria’s flour and pasta markets.
• The company has partnered with Turkish and Italian firms to boost annual production capacities to 900,000 metric tonnes for pasta and 2.5 million metric tonnes for flour.
4. Challenges and Resilience:
• Despite a 56% rise in operating expenses due to inflation and distribution costs, BUA Foods remains focused on its goals.
• Managing Director Ayodele Abioye credited this resilience to product innovation, capacity expansion, and ongoing commitment to addressing Nigeria’s food supply challenges.
BUA Foods expressed appreciation for stakeholder support, emphasizing its dedication to quality and shareholder value as it continues to expand its market presence.