BUA Foods Plc, a subsidiary of BUA Group, has announced a significant increase in profit after tax (PAT) to N130.93 billion in the first half of 2024, representing a 38% growth from N95.18 billion in the same period last year.
Despite challenging business conditions, the company achieved a 110% revenue increase to N672 billion, driven by strong sales across its product lines, including flour, sugar, and pasta.
Gross profit rose by 64% to N218.4 billion, while operating profit increased by 75% to N202 billion, reflecting improved operational efficiency.
However, the company incurred a foreign exchange loss of N54.6 billion in the first half of 2024.
Managing Director Ayodele Abioye attributed the strong performance to strategic initiatives, operational efficiency, and dedication of staff. He highlighted significant strides in executing strategic plans, launching new products, and expanding into new markets.
Abioye expressed confidence in the company’s ability to navigate market challenges and opportunities, leveraging a strong supply chain system to deliver sustainable growth and value creation for stakeholders.”
