BUA Foods reports US$1.23B in revenue in 2024

NIGERIA – BUA Foods Plc, a major food manufacturing company in Nigeria, has reported that the company’s revenue surged by 109.3%, reaching US$1.23 billion, compared to US$586.6 million in 2023.

Its unaudited financial report shows a 145.3% rise in profit after tax, increasing from US$90.1 million in the previous year to US$220.5 million in 2024.

Gross profit climbed to US$434.5 million, marking a 107.9% increase from US$209 million recorded in 2023.

Earnings per share more than doubled, reaching US$0.12, up from US$0.05 in the prior year.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also grew by 131.5% to US$400.5 million.

Operating expenses rose by 27.7% to US$48.2 million due to higher costs related to selling and distribution.

Sales across key product categories recorded substantial growth, with sugar sales increasing by 74% to US$587.9 million.

Flour revenue grew by 172%, reaching US$472.2 million, while pasta sales saw a 125% increase to US$158.3 million.

Managing Director Ayodele Abioye attributed the company’s performance to strategic expansion, improved efficiency, and cost control measures.

In a statement issued on Thursday, he noted that the company managed to navigate supply chain disruptions and foreign exchange fluctuations despite economic challenges.

He stated that BUA Foods expanded its operations to meet growing demand, resulting in an 18% rise in total sales volume across all divisions.

Abioye expressed confidence that the company would maintain its growth momentum in the coming years.

He added that with a more stable economic environment, BUA Foods would continue investing strategically and focusing on efficiency to achieve long-term goals.

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