BUA Foods Bolsters Profit, EPS Rises by 145%

BUA Foods Bolsters Profit, EPS Rises by 145%

BUA Foods Plc bolstered net income by 145.1% year on year to N274.946 billion in 2024 as the company sales increased significantly. In 12 months, BUA Foods revenue rose by more than 109% year on year to N1.526 trillion from N729.443 billion.

Revenue growth was bolstered by strong performances across key product lines: fortified sugar, bakery flour, Pasta and non-fortified sugar.

BUA Foods recorded a 110 % year on year increase in production costs, settling at N984. 976 billion from N468.984 billion in 2023. This was driven primarily by sharp increases in raw material and energy prices.

Hence, the food company’s profit rose by 145.3% year on year, reaching N274.95 billion in 2024 from N112.097 billion in 2023, unaudited financials revealed. Earnings per share (EPS) rose to N15.27 in 2024, up by +145.1% year on year from N6.23 in the comparable year.

The company reported 9.4% year on year increase in operating expenses which settled at N60.109 billion in 2024 from N54.953 billion in 2023. The surge was as a results of higher selling & distribution expenses amounting to N39.83 billion and administrative expenses of N20.28 billion.

But net finance costs declined by about 30% year on year to N11.449 billion from N16,317 billion, supported by the finance income of N10.20 billion. Putting pressure on costs, foreign exchange loss grew by more than 130% year on year to N188.676 billion from N81.865 billion in 2023.

BUA Foods pretax profit climbed by 167% to N289.066 billion in 2024 from N108.124 billion, according to its unaudited numbers. This translated to an improved net profit margin, settling at 18% in 2024 from 15.4% in 2023.

Despite its earnings surge, BUA Foods traded flat on the Nigerian Exchange at N415 per share – a position it maintained in January. #BUA Foods Bolsters Profit, EPS Rises by 145%  Naira Gains 4.3% on Tripartite FX Inflows Sources