BUA Foods Profit Hits N30bn In Q3

BUA Foods Plc has released its unaudited financial statements for the third quarter of September 30, 2022. The report shows a profit after tax of N30.045 billion, a 65.18% increase year-on-year compared to N18.189 billion in Q3 2021.

The report also showed that turnover increased by 39.25% to N120.467 billion from N86.509 billion as of Q3 2021.

Profit before tax increased by 60.83% to N31.880 billion from N19.821 billion as of Q3 ‘2021. In the same vein, profit after tax jumped to N30 billion up from N18.1 billion during the comparable period in 2021.

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A closer look at the report showed that the company’s revenue was driven by a significant jump in revenue from sales of sugar and baking flour.

Earnings per Share (EPS) were up 65.34% to 167 kobo from 101 Kobo as of Q3 ‘2021.

In 2021, the cost of sales rose by 32.43% to N79.393 billion from N59.949 billion. Increasing input costs caused by energy and raw materials imports, as well as foreign exchange burdens, has been a militating factor in manufacturers’ mediocre performance.