BUA Foods records 31% growth in profit after tax

position in the market despite economic headwinds.

Its profit before tax growth went up by 38 per cent to N107.2 billion in 2022. Other performance indicators are also on an upswing as earnings per share increased by 20 per cent from the previous year. A dividend of N4.50k was proposed dividend for 2022 (2021: N3.50k).

Commenting on the results, the Managing Director, Engr. Ayodele Abioye, said, “BUA

Foods Plc continued to maintain her leading position as the most profitable Foods and FMCG listed company in Nigeria with PBT of N107.2 Billion, a growth of 38 per cent on the prior year.

This is despite the unending disruption of the business climate with high input costs, and currency devaluation resulting in increased operational costs.

“We remain resolute to navigate the numerous business headwinds to continue delivering double-digit growth with a sustained focus on our market expansion strategy across our business segments.”

Meanwhile, the group said that its total operating expenses increased by 33 per cent to N33.9 billion in 2022 (2021: N24.7 billion) on the back of a significant increase in selling and distribution costs along the supply chain to customers.

Its operating profit also grew by 47 per cent to ₦117.5bn in 2022 (2021: ₦79.8bn) benefitting from top-line growth driven by price adjustment and our export sales.

A breakdown of the operating divisional performance showed that the sugar division of BUA Foods contributed 66 per cent to revenue in 2022 (2021: 64 per cent). The flour division contributed 20.6 per cent to revenue in 2022 (2021:16 per cent).

The pasta division contributed 14 per cent to revenue in 2022 (2021: 20 per cent).