BUA Foods Plc has announced that its revenue and gross profit increased to N1.07 trillion and N333.82 billion, respectively, between January and September 2024.

BUA Foods announced this via its unaudited financial results for the nine months which ended in September 2024, a copy of which was made available to The Star on Thursday, October 31.

The company noted that its revenue for the nine-month period grew by 104% to N1.07 trillion, a significant jump from the N524.42 billion reported in the same period last year.

It stated that its gross profit surged by 82%, hitting N333.82 billion compared to N183.78 billion in 2023.

BUA Foods disclosed that its profit after tax increased by 91% to hit N201.38 billion, rising from N105.61 billion during the comparable period in 2023.

The company said: “A key driver of this performance was a year-on-year increase of 73 per cent in sugar sales to N544.4 billion, 160 per cent in flour sales to N389.9 billion, and 131 per cent in pasta sales to N134.8 billion reflecting the company’s commitment to creating long-term value for all stakeholders.

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“Operating expenses saw a 56% increase to N43.86 billion on the back of a rise in selling and distribution costs due to inflation.”

Speaking on the results, the Managing Director of BUA Foods, Engr. Ayodele Abioye, said: “We are thrilled to have sustained a remarkable growth trajectory, underscoring the impact of our strategy, innovative product development, and steadfast commitment to quality, even in the face of a challenging business climate.

“Revenue grew by 104% to N1.07 trillion compared to the same period last year, while our gross profit stands at N333.8 billion, reflecting a growth of 82%. We saw the benefits of our production capacity expansion and product innovation, as we witnessed an 11% growth in aggregate volume which has further strengthened our position within the industry.

“Looking ahead, we will remain steadfast in addressing current food supply challenges by leveraging newly commercialised supply chain assets and partnerships across our business divisions.  We would maintain a focus on driving internal efficiencies for business growth towards delivering long-term shareholder value.

“We thank our stakeholders, particularly our customers, and consumers for their love for the brand even as we continue to nourish lives.”

The Star