A significant food manufacturing firm in Nigeria, BUA Foods Plc, revealed that its revenue increased by 109.3% to US$1.23 billion from US$586.6 million in 2023.
Profit after tax increased by 145.3% from US$90.1 million in 2024 to US$220.5 million in 2024, according to its unaudited financial report. From US$209 million in 2023 to US$434.5 million, the gross profit increased by 107.9%. Profits per share increased from US$0.05 to US$0.12, more than double from the previous year. Additionally, the business’s EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 131.5% to US$400.5 million.
Because of increased marketing and distribution expenditures, operating expenses increased by 27.7% to US$48.2 million.
A significant rise was seen in sales of all major product categories, with sugar sales rising 74% to US$587.9 million. Pasta sales increased 125% to US$158.3 million, while flour revenue increased 172% to US$472.2 million.
Ayodele Abioye, the Managing Director, credited cost-cutting initiatives, increased productivity, and smart expansion for the company’s success. He said in a statement available to BrandSpur news brand, released on Thursday that despite economic difficulties, the business was able to handle supply chain interruptions and changes in foreign exchange.
According to him, BUA Foods increased its operations to accommodate the increasing demand, which led to an 18% increase in overall sales volume across all divisions.
Continuing, Abioye said he was confident the business would continue to develop in the upcoming years. To accomplish long-term objectives, he continued, BUA Foods would keep making strategic investments and concentrating on efficiency in the event of a more stable economic climate.
