BUA Foods Plc reported a pre-tax profit of N73.4 billion for the fourth quarter of 2024 in its latest financial report released on the Nigerian Exchange (NGX) on January 30, 2025.
This represents a 288.04% increase from N18.9 billion in the same quarter last year, while the full-year pre-tax profit reached N289 billion, up 167.35% from N108.1 billion in 2023.
Revenue for the fourth quarter of 2024 reached N437.4 billion, representing a notable increase of 114.38% compared to N204 billion recorded in the same quarter of the previous year.
Total revenue for the year soared to N1.5 trillion, marking a 109.29% increase from N729.4 billion in FY 2023, primarily fueled by robust sales of fortified sugar, bakery flour, and other food products.
Key Highlights (2024 vs. 2023)
Commentary
BUA Foods reported a turnover of N1.5 trillion for the full year of 2024, showing a 109.29% year-on-year increase from N729.4 billion in 2023.
The cost of sales rose sharply to N984.9 billion in FY 2024, reflecting a 110.02% increase from N468.9 billion in FY 2023, with raw material costs constituting 92.89% of this total.
Despite the rise in costs, gross profit increased by 107.98% year-on-year to N541.7 billion, up from N260.4 billion in 2023.
Other income increased by 837.97% to N7.5 billion, up from N809.3 million in the previous year, with sundry income making up 85.15% of this total.
Finance income rose by 308.33% year-on-year to N10.1 billion, but finance costs also increased by 15.05% to N21.6 billion, up from N18.8 billion.
Despite these challenges, pre-tax profit grew by 167.35% year-on-year from N108.1 billion to N289 billion for the full year of 2024.
Asset position
Total assets experienced a slight decline of 1.27%, decreasing from N1.07 trillion in the previous year to N1.05 trillion in 2024.
In contrast, total current assets fell to N677.5 billion, down from N712.4 billion reported in 2023.
In contrast, total current assets fell to N677.5 billion, down from N712.4 billion reported in 2023.