BUA Foods reports 22.7% profit growth in 2023, despite N81.9 billion FX loss

Date:

April 1, 2024.

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Azonuchechi Chukwu.

Nigeria’s most capitalized consumer goods company, BUA Foods has posted a profit after tax of N112.1 billion, representing a 22.7% increase from the N91.3 billion reported in 2022.

According to the group’s audited financial statement for 2023, it recorded a revenue of N729.4 billion, marking a 74.4% growth from the N418.3 billion posted in 2022.

The group recorded an impressive financial performance despite a humongous FX loss of N81.9 billion accrued in 2023 due to the devaluations of the Naira.

This is attributable to a significant increase in revenue across various product lines, including bakery flour, fortified sugar, and bran, as well as the introduction of BUA Rice to the market.

Also, the group recorded a pre-tax profit of N108.1 billion, however, with a deferred tax credit of N4.0 billion, the group’s profit after tax hit N112.1 billion.

Revenue: N729.44 billion, +74.4% YoY

Cost of sales: N468.98 billion, +64.2% YoY

Gross profit: N260.46 billion, +96.1% YoY

Selling and distribution expenses: N29.85 billion, +110.4% YoY

Operating profit: N206.32 billion, +75.6% YoY

Net finance costs: N98.18 billion, +1030.9% YoY

Profit before income tax: N108.12 billion, +0.8% YoY

Profit after tax: N112.10 billion, +22.7% YoY

Earnings per share: N6.23, +22.9% YoY

Total assets: N1.07 trillion, +76.3% YoY. (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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