BUA Foods Reports Outstanding 2024FY Performance, Gain up by 145.3%
BUA Foods Plc has announced its unaudited financial results for the fiscal year 2024, posting significant growth across all key performance indicators.
Specifically, the company closed 2024 with a profit of N274.95 billion, about 145.3 per cent increase from N112.1 billion reported in 2023, while profit before tax stood at N289.07 billion in 2024, representing an increase of 167 per cent from N108.12 billion reported in 2023.
The significant increase in profits further solidified BUA Foods’ position as a dominant player in Nigeria’s food manufacturing sector.
The company’s revenue moved from N729.4 billion in 2023, up by 109.3 per cent to a record of N1.53 trillion in 2024, attributable to strong sales growth across key product segments, optimized pricing strategies, and enhanced cost management measures.
Also from the profit & loss figures, BUA Foods’s gross profit stood at N541.71billion in 2024, an increase of 107.9per cent from N260.46billion declared in 2023.
Earnings Per Share (EPS) climbed to N15.27 in 2024, about 145.3 per cent increase from N6.23 in 2023, underscoring the company’s ability to drive value creation for shareholders.
The Founder and Chairman of BUA Foods, Abdul Samad Rabiu, in a statement attributed the company’s strong results to its unwavering commitment to innovation, efficiency, and market expansion.
He stated, “BUA Foods’ exceptional growth in 2024 is a testament to our long-term vision of ensuring food security in Africa. We have continued to invest in capacity expansion, optimize our supply chain, and enhance operational efficiencies to meet growing market demand.
“As we move forward, our focus remains on driving sustainable growth, strengthening our market leadership, and delivering superior value to our customers and stakeholders.”
Speaking on the results, Managing Director of BUA Foods, Engr. (Dr.) Ayodele Abioye in a statement said: “We are pleased to report another year of exceptional performance despite prevailing macroeconomic challenges.
