BUA Foods Plc has announced that its revenue and gross profit increased to N1.53 trillion and N541.71 billion, respectively, in 2024.
BUA Foods announced this in a statement made available to The Star on Thursday, January 30, 2025.
The company stated that its revenue surged by 109.29% to a record N1.53 trillion, a significant increase from N729.4 billion in 2024, adding that this reflected the successful execution of key strategic initiatives, volume increase with effective pricing strategies, and rigorous cost optimisation measures.
It noted that its gross profit rose by 107.9% hitting N541.71 billion compared to N260.5 billion recorded in 2023.
BUA Foods disclosed that the company’s profit after tax increased by 145.3% to reach N274.95 billion, rising from N112.1 billion in 2023.
BUA Foods revealed that its Earnings Per Share (EPS) grew by 145.3% to N15.27 from N6.23 in the corresponding period (FY 2023) while EBITDA increased by 131.5% to N499.4 billion.
The company reported an increase in operating cost by 27.7% to N60.11 billion due to the rise in selling and distribution costs across the supply chain to customers.
It stated that this performance was driven by significant growth across key product lines, with sugar sales increasing by 74% to N733.8 billion, flour sales by 172% to N589.5 billion, and pasta sales by 125% to N197.6 billion.
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Commenting, the Managing Director of BUA Foods, Engr. Ayodele Abioye, said the results underscored the company’s ability to navigate challenges with agility and its resilience, as it continues to create value for all stakeholders.
Abioye said: “We are delighted to report an exceptional performance in FY 2024. Despite significant macroeconomic challenges, our business navigated the resulting impact on supply chain costs and foreign exchange losses effectively.
“The cumulative impact of our expansion strategy has enabled our capability to fulfil increased demand from our customers and enhanced internal operational efficiencies.
“BUA Foods achieved an aggregate volume growth of 18% across our divisions. We hit a milestone revenue of N1.53 trillion, reflecting a 109% growth, while profit after tax surged by 145% to N274.95 billion. This performance has further reinforced our market position and industry leadership”.
“Looking ahead with optimism, coupled with stability in the macro-economic environment, we would continue to focus our operations and strategic investment initiatives towards addressing food supply challenges.
“Also, with the concerted efforts of our board, management, and frontline associates, we aim to deliver a strong performance with sustained value creation for all stakeholders in line with our north-star objectives.”
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