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BUA Foods increased sales to N418 billion

Consumer goods company, BUA Foods, has said its 2022 full year revenue rose by 26 per cent to N418.3bn from N333.2bn in 2021.

It also reported a 31 per cent appreciation in its profit after tax for the financial year ended December 31, 2022 when compared to the previous year.

This was disclosed in the 2022 financial year results of the company filed with the Nigerian Exchange Limited on Wednesday.

In its 2022 financials, profit after tax surged to N91.3bn, representing an increase of 31 per cent from N69.7bn posted for the same period in 2021.

The Fast Moving Consumer goods company said that it maintained its leadership position in the market despite economic headwinds.

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

Commenting on the results, the Managing Director, 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 N107.2bn, a growth of 38 per cent on prior year. This is despite the unending disruption of the business climate with high input costs, currency devaluation resulting in increasing operational cost.

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


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