BUA Foods Plc reported N672.39 billion in revenue for the first half of the financial year ending June 30, 2024, marking a 110% year-on-year increase.
This growth was driven by strong performance across its sugar, flour, and pasta divisions, as well as the commercialization of its rice division.
Despite facing inflationary pressures and the devaluation of the naira, BUA Foods increased its gross profit by 64% to N218.4 billion, although the gross profit margin declined due to higher input costs.
The company also saw a 38% rise in profit after tax (PAT) to N130.9 billion and a 37% increase in earnings per share (EPS) to N7.27.
Managing Director Engr. (Dr.) Ayodele Abioye credited the strong performance to strategic initiatives, operational efficiency, and staff dedication.
He highlighted the successful launch of new products and the company’s focus on cost optimization, which helped maintain margins and profitability.
(Daily Trust)