BUA Foods grow pre-tax profit by 94% to N215.6 billion in nine months 

In its unaudited financial statement for the period January to September 2024, the company recorded revenues up to N1.07 trillion- an increase from N524.42 billion in the same period of 2023.

Despite the large revenues, the company saw a significant increase in cost of production and foreign exchange losses which curtailed its performance in the first nine months of the year.

The high cost of production was caused by a 100% increase in raw materials and energy costs during the period.

In the quarter leading to September 2024, the company recorded increases in revenue similar to its nine months period. In the third quarter of 2024, revenues soared to N398.4 billion with cost of sales at N283.02 billion resulting in a gross profit of N115.38 billion- over 100% increase from the same period of last year.

Commentary:  the revenues of over N1 trillion in the first nine months of the year means the company has now exceeded its total revenue for 2023 which stood at N728.44 billion.