BUA Foods Q4 Pre-Tax Profit Soars 288%

BUA Foods Plc reported a pre-tax profit of N73.4 billion for the fourth quarter of 2024 in its latest financial report released on the Nigerian Exchange (NGX) on January 30, 2025.

This represents a 288.04% increase from N18.9 billion in the same quarter last year, while the full-year pre-tax profit reached N289 billion, up 167.35% from N108.1 billion in 2023. Revenue for the fourth quarter of 2024 reached N437.4 billion, representing a notable increase of 114.38% compared to N204 billion recorded in the same quarter of the previous year.

Total revenue for the year soared to N1.5 trillion, marking a 109.29% increase from N729.4 billion in FY 2023, primarily fueled by robust sales of fortified sugar, bakery flour, and other food products.

Turnover for the full year of 2024 was N1.5 trillion, showing a 109.29% year-on-year increase from N729.4 billion in 2023.

Also Read:

• FBN Holdings Profit Up 142% to N0.9tn
• Guinness Nigeria’s N20B Profit Post-Tolaram Takeover
• Aradel Sees 187% Surge in Pre-Tax Profit

The cost of sales rose sharply to N984.9 billion in FY 2024, reflecting a 110.02% increase from N468.9 billion in FY 2023, with raw material costs constituting 92.89% of this total. Despite the rise in costs, gross profit increased by 107.98% year-on-year to N541.7 billion, up from N260.4 billion in 2023. Administrative expenses also grew, reaching N20.2 billion, a 17.83% increase from N17.2 billion the previous year, driven by salaries, wages, benefits, general expenses, maintenance, and legal services.

Selling and distribution expenses rose by 33.43% to N39.8 billion, compared to N29.8 billion in the prior year. Other income increased by 837.97% to N7.5 billion, up from N809.3 million in the previous year, with sundry income making up 85.15% of this total.

Finance income rose by 308.33% year-on-year to N10.1 billion, but finance costs also increased by 15.05% to N21.6 billion, up from N18.8 billion. Foreign exchange losses spiked by 130.47%, climbing from N81.8 billion in 2023 to N188.6 billion. Despite these challenges, pre-tax profit grew by 167.35% year-on-year from N108.1 billion to N289 billion for the full year of 2024.

Notably, debts due from related companies amounted to N469.9 billion, while inventories contributed N105.3 billion, together comprising a significant portion of total current assets.

Total assets experienced a slight decline of 1.27%, decreasing from N1.07 trillion in the previous year to N1.05 trillion in 2024.

However, non-current assets increased from N358 billion to N379.3 billion for the full year, with property, plant, and equipment accounting for an impressive 99.97% of this total. In contrast, total current assets fell to N677.5 billion, down from N712.4 billion reported in 2023.