BUA Foods Reports 28.8% Increase Pre-Tax Profit For Q4 2024

BUA Foods Plc has reported a remarkable 288.04 percent increase in pre-tax profit for quarter four (Q4) 2024, reaching N73.4 billion, up from N18.9 billion in the same quarter in the year 2023.

The full-year pre-tax profit for 2024 surged 167.35 percent to N289 billion, compared to N108.1 billion in 2023.

The fourth-quarter revenue for 2024 stood at N437.4 billion, reflecting a significant 114.38 percent rise from N204 billion in the same quarter of the previous year. Full-year revenue hit N1.5 trillion, a 109.29 percent increase from N729.4 billion in 2023. This growth was driven by strong sales of fortified sugar, bakery flour, and other food products.

The company’s turnover for 2024 was N1.5 trillion, with cost of sales reaching N984.9 billion, a 110.02 percent increase from N468.9 billion in 2023. Gross profit rose by 107.98 percent to N541.7 billion, up from N260.4 billion the previous year. Administrative expenses grew by 17.83 percent to N20.2 billion, and selling and distribution expenses rose by 33.43 percent to N39.8 billion.

Other income saw a significant boost of 837.97%, reaching N7.5 billion, up from N809.3 million in 2023. Finance income increased by 308.33 percent to N10.1 billion, while finance costs rose by 15.05 percent to N21.6 billion. Foreign exchange losses spiked by 130.47 percent, reaching N188.6 billion, compared to N81.8 billion in 2023.

Despite the rise in costs, BUA Foods’ pre-tax profit grew by 167.35 percent to N289 billion in 2024.

On the asset side, total assets decreased slightly by 1.27 percent, from N1.07 trillion in 2023 to N1.05 trillion in 2024. Non-current assets, however, increased to N379.3 billion, with property, plant, and equipment making up 99.97 percent of this figure. Current assets declined to N677.5 billion from N712.4 billion in 2023. Debts due from related companies accounted for N469.9 billion, and inventories amounted to N105.3 billion, forming a substantial part of current assets.