BUA Foods Plc has reported a 104 per cent rise in revenue to N1.07tn for the nine months ending September 2024.
In a statement, BUA Foods showed from recently released unaudited financials, its performance cut across its product range, with growth in sugar, flour, and pasta sales.
Gross profit climbed by 82 per cent to N333.82bn, while profit after tax surged by 91 per cent to N201.38bn compared to last year’s figures for the same period.
The company attributed this growth to rising demand and an expanded product lineup.
BUA Foods Managing Director, Ayodele Abioye highlighted the company’s gains were due to its approach to “product innovation and capacity expansion.”
“Revenue grew by 104 per cent to N1.07tn compared to the same period last year, while our gross profit stands at N333.8bn, reflecting a growth of 82 per cent,” Abioye said.
He noted that the company saw a significant 73 per cent increase in sugar sales to N544.4bn, a 160 per cent jump in flour sales to N389.9bn, and a 131 per cent rise in pasta sales to N134.8bn.
BUA Foods added that despite a 56 per cent rise in operating expenses, driven by inflation and distribution costs, it continues to advance towards its 2025 goal of leading the market in flour and pasta production.
The company reckoned partnerships with Turkish and Italian firms were part of its efforts to boost its annual pasta production to 900,000 metric tonnes and flour production to 2.5 million metric tonnes.
Abioye reiterated the company’s commitment to tackling food supply challenges and enhancing shareholder value.
“We thank our stakeholders, particularly our customers and consumers, for their love for the brand even as we continue to nourish lives,” he said.