BUA Foods suffers N188.7bn FX loss

BUA Foods has reported a foreign exchange loss of N188.7bn for the year ended December 31, 2024.

According to the company’s statement of profit or loss and other comprehensive income filed on the Nigerian Exchange Limited on Thursday, the loss was attributed to the volatility in the foreign exchange market, which has been a key concern for many companies operating in Nigeria.

Despite the substantial FX loss, BUA Foods reported a profit before tax of N289.1bn, with a net profit after tax of N274.9bn, representing an increase compared to the prior year.

The company’s earnings per share grew to 15.27, up from 6.23 in the previous year.

On the balance sheet, BUA Foods recorded total assets at N1.06tn and equity at N438.0bn. However, the company’s total liabilities amounted to N618.9bn, contributing to a more leveraged position.

In terms of operating performance, BUA Foods posted an operating profit of N489.2bn, up from N206.3bn in 2023.

The PUNCH reported that BUA Foods Plc had recorded a 104 per cent rise in revenue to N1.07tn for the nine months ending September 2024.

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