BUA Foods has revealed its robust performance in the third quarter of 2023, displaying an impressive 50% increase in pre-tax profits, reaching 111.402 billion.
The company’s financial report for the period ending in September 2023 highlights substantial growth in various key financial indicators, demonstrating the resilience and strategic positioning of the leading food conglomerate.
Key financial highlights for the 9-month period of 2023 compared to the same period in 2022 have showcased significant growth across several critical metrics.
Notably, the company recorded a staggering 80.95% year-on-year rise in revenue, amounting to N524.428 billion.
The corresponding increase in the cost of sales, standing at N340.648 billion, underscored the upward trajectory in overall business operations.
With a gross profit of N183.780 billion, reflecting a remarkable 95.15% year-on-year growth, BUA Foods demonstrated its adept management of costs and commitment to sustaining healthy profit margins.
Despite facing mounting administrative expenses and selling and distribution costs, the company achieved an operating profit of N156.883 billion, showcasing an impressive 94.49% year-on-year increase.
However, the financial report also highlighted challenges faced by the company, including a notable foreign exchange loss amounting to N33.281 billion.
Despite this setback, BUA Foods managed to achieve a commendable profit for the period, reaching N105.618 billion, signifying a notable 53.60% year-on-year growth. The earnings per share also saw an encouraging 53.66% year-on-year increase, amounting to N5.87.
Moreover, the company showcased strong financial health and liquidity, evident from its cash and short-term deposits of N82.959 billion, reflecting an impressive 157.93% year-on-year increase.
The company’s total assets stood at N757.846 billion, marking a 24.80% year-on-year growth, while its retained earnings recorded an 11.04% year-on-year increase, amounting to N247.522 billion.
