BUA Food records N672.39bn revenue in H1 2024

BUA Foods has recorded revenue of N672.39 billion in the first half of financial year ended June 30, 2024.

The amount represents a growth of 110 per cent y-o-y from N320.9 billion achieved in the comparative period of last year.

The growth was due to a y-o-y increase of 88 per cent in Sugar sales to N369.7 billion from N196.5 billion in the preceding year, 164 per cent increase in Flour sales to N227.9 billion against N86.05 billion in half year 2023 and 95 per cent in Pasta sales to N74.03 billion from  N37.9 billion reported the same period in 2923.

Profit after tax grew by 38 per cent to N130.93 billion at the end first half of 2024 operations from N95.1 billion, while pre-tax profit stood at N137.188 billion, representing 25.42 per cent compared with N109.381 billion recorded the comparative period of last year while the Earning per Share (EPS) grew by 37 per cent to N7.27 in first half of 2024 from N5.29 in the corresponding period. 

Details of the company half year financial result indicated that gross profit up by 64.45 per cent to N218.439 billion from N132.832 billion in the previous year, operating profit also went up by 74.57 per cent from N115.860 billion to N202.262 billion while cost of sales surged from N188.097 billion to N453.954 billion, representing 141.34 per cent.