February 6, 2024/Futureview Research

Highlights of BUA FOODS Earnings Report:

Bua Foods Plc’s FY’2023 Financial Results, disclosed on January 31, 2024, highlight a robust and resilient performance in both revenue and profitability, despite facing foreign exchange challenges. The company achieved a remarkable 74% increase in Revenue, reaching N728.48 billion, coupled with an impressive 89% rise in Gross profit, totaling N251.33 billion. Despite the persistent devaluation of the naira, resulting in substantial foreign exchange losses of N73.56 billion, Bua Foods showcased strong operational performance, with operating profit soaring by 82% to N213.29 billion. Operating expenses experienced a 21% increase, reaching N39.73 billion, while finance costs surged by 117%, totaling N18.90 billion. Nevertheless, Bua Foods reported a 13% increase in Profit Before Tax (PBT) and a 22% increase in Profit After Tax (PAT).

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