Finance

Bua Foods Q3 revenue rises to N289bn

BUA gets $500m facility from IFC for industrialisation

Bua Foods has said its revenue rose by 20.2 per cent to N289.8bn as of the end of the first nine months of 2022.

Despite the challenges in the economy, the fast-moving consumer goods company’s revenue rose from N221.7bn recorded in the corresponding period of 2021 as shown in its unaudited financial result for September 2022.

According to a statement, the impressive result was due to17.0 per cent year-on-year improvement in revenue from sugar to N180.9bn as of 30 September 2022, from N154.7bn in the corresponding year of 2021.

Read:  Android device: NCC warns against new dangerous malware

Revenue from flour also increased by 37 per cent to N66.2bn as of September 2022 from N48.1bn in the corresponding period of 2021; Pasta’s revenue surged by12.0 per cent per cent to N42.7 on 30 September 2022 ending against N38.2bn in the corresponding period of 2021.

Read:  New digital wallet set to raise banking competition

While speaking on the results, the Managing Director, Bua Foods, Ayodele Abioye, said, “We continue to navigate the high input cost environment to deliver double-digit growth within the period. We grew revenue by 20.2 per cent, profit before tax by 16.9 per cent, and earnings per share by 17.2 per cent.

“We are making progress with the recommencement of the rice business before the year-end of 2022 to diversify our revenue base further.

Read:  United Capital reports N7.73bn profit in nine months

“In addition, we are progressing with the backward integration plans for the sugar business and our capacity expansion plans for the flour, rice, and pasta divisions.”

Punch

Related posts

Emefiele urges special attention to Industrial capacity for economic stability

NigGal

Shareholders tackle Otudeko over court order barring First Bank from holding AGM

NigGal

Guinness Nigeria Plc reports profit of N15.28billion in 9 months ended March 2022

NigGal

Cadbury reports N946 million profit after tax for 2022

NigGal

Amazon, Facebook register for tax in Nigeria

NigGal

Olam emerges Top Employer in Africa

NigGal

Leave a Comment