Nigerian Food Company Owned By Billionaire Declares Profit As Sugar, Rice, Flour, Others Sell For New Prices

The sales at BUA Foods Plc increased by 147.3% in the first quarter of 2024.

According to the company’s financial report, sales increased from ₦144.32 billion the previous year to ₦356.92 billion this year.

There was a notable increase in the sales of sugar, which propelled revenue sales.

While sales of non-fortified sugar increased to ₦39.92 billion from ₦31.41 billion, sales of fortified sugar increased to ₦197.96 billion from ₦61.61 billion.

Other segment sales were also up, with pasta sales rising to N37.04 billion from N19.4 billion and bread flour rising to N80.64 billion from N29.64 billion.

Operating profit increased by 117.5%, from N48.15 billion in the previous year’s quarter to N104.72 billion in the current quarter, due to triple-digit revenue growth.

Profit after tax increased from ₦40.47 billion to ₦55.82 billion, a 37.9% increase.

BUA Foods, a division of BUA Group, includes BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited.

It also includes flour milling, rice processing, and pasta manufacturing.