BUA Foods Plc has announced a revenue growth of 24 per cent to N442.1 billion in the first quarter of 2025.
BUA Foods disclosed that its revenue increased from N356.9 billion recorded in the first quarter of 2024.
The company announced this via its unaudited financial results for the first quarter of 2025 released on Thursday, May 1.
The company noted that the impressive performance was driven by substantial increases in revenue from Flour, which soared 145 per cent to N176.2 billion, Pasta rose 12 per cent to N41.5 billion, and Rice recorded a remarkable increase of 1617 per cent to N13.02 billion.
BUA Foods stated that Sugar revenue, however, saw a slight 11 per cent quarter-on-quarter decrease to N211.3 billion from N238.2 billion recorded in the first quarter of 2024.
BUA Foods also reported a gross profit of N160.91 billion in the first quarter of 2025, a 39 per cent increase compared to N115.42 billion in Q1 2024.
The company stated that this growth led to an improved gross profit margin of 36.4 per cent, a 406 basis point increase from 32.3 per cent in the prior quarter.
BUA Foods said the total operating expenses for the period increased by 56 per cent to N22.39 billion from N14.37 billion reported in the first quarter of 2024 due to increases in selling and distribution expenses which rose by 13 per cent to N11.08 billion driven by logistics costs, and administrative expenses up 147% to N11.32 billion.
BUA Foods said despite the increase in operating expenses, the company achieved a substantial growth of 124% in profit after tax (PAT) to N125.28 billion in Q1 2025, compared to N55.82 billion in Q1 2024.
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It added that its Earnings per Share (EPS) also saw a significant increase of 125% to N6.96 from N3.10 in the corresponding period.
The company noted that its total equities stood strong at N554.34 billion as of Q1 2025, representing a 29.2% increase from N429.06 billion in the 2024 financial year.
BUA Foods said the growth was mainly driven by a significant 30 per cent increase in retained earnings.
Commenting on the results, the company’s Managing Director, Engr. Ayodele Abioye, said: “We are pleased to begin 2025 on a strong note, as our business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape.
“Despite operating in a high-cost environment, our proactive supply chain measures and improved internal efficiencies enabled us to sustain strong operational momentum.
“Revenue increased by 24%, while Net Profit leaped by 124% to N125 billion further re-affirming our position as a leading food business on the Nigerian Exchange Limited.
Our ongoing investments in production capacity, product/package innovation and route-to-market development continue to impact our results positively, enabling fulfilment of customer and consumer demand.
“As we look ahead, we remain focused on deepening our market penetration and accelerating innovation to meet changing consumer needs.
“With a stabilizing economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025.”
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