BUA Foods Plc reported a substantial 104% rise in revenue, reaching N1.07 trillion for the first nine months of 2024, according to its recently released unaudited financial statement. The company attributed this performance to strong demand and an expanded product lineup, showing notable growth in its sugar, flour, and pasta sales.
The company’s gross profit increased by 82% to N333.82 billion, with profit after tax rising by 91% to N201.38 billion compared to the same period last year. Managing Director Ayodele Abioye highlighted the success of BUA Foods’ strategy of “product innovation and capacity expansion,” which has driven revenue growth across all major product categories. Specifically, sugar sales grew by 73% to N544.4 billion, flour sales soared by 160% to N389.9 billion, and pasta sales climbed by 131% to N134.8 billion.
Despite a 56% increase in operating expenses due to inflation and distribution costs, BUA Foods remains focused on achieving its 2025 market leadership goals for flour and pasta production. The company’s partnerships with Turkish and Italian firms are part of efforts to increase pasta production capacity to 900,000 metric tonnes and flour production to 2.5 million metric tonnes annually.
Abioye reiterated BUA Foods’ commitment to addressing food supply challenges and enhancing shareholder value, expressing gratitude to the company’s stakeholders for their ongoing support.