BUA Foods Plc has recorded an impressive 145.3% increase in profit after tax, reaching ₦274.95 billion in the fiscal year 2024.

According to a statement released on Sunday, the company’s gross profit soared by 107.9% to ₦541.71 billion, underscoring its strong operational efficiency. Total revenue surged by 109.3% to ₦1.53 trillion, a significant jump from ₦729.4 billion in 2023.

Additionally, BUA Foods’ earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 131.5%, reaching ₦499.4 billion, highlighting its ability to generate cash flow despite a competitive market.

Strong Performance Across Product Lines

The company achieved substantial growth across its core product categories:

• Sugar sales rose by 74% to ₦733.8 billion

• Flour sales surged by 172% to ₦589.5 billion

• Pasta sales increased by 125% to ₦197.6 billion

Earnings per share (EPS) also reflected this growth, climbing 145.3% to ₦15.27.

Leadership Reaffirms Commitment to Growth

Founder and Chairman Abdul Samad Rabiu attributed BUA Foods’ success to innovation, operational efficiency, and market expansion.

“BUA Foods’ growth in 2024 is a testament to our long-term vision of ensuring food security in Africa. We continue to invest in capacity expansion, optimize our supply chain, and enhance operational efficiencies to meet growing market demand.”

He emphasized the company’s focus on sustainable growth, strengthening market leadership, and delivering superior value to customers and stakeholders.

Managing Director Ayodele Abioye also praised the company’s performance, stating,

“We are pleased to report another year of exceptional performance despite the challenges posed.”

With consistent investment in capacity and efficiency, BUA Foods remains well-positioned to maintain its upward trajectory and market dominance.