BUA Meals Plc has introduced its unaudited monetary outcomes for the 9 months ended September 2024, reporting income development to N1.07 trillion, a 104% enhance from N524.42 billion in the identical interval final 12 months.
The corporate’s gross revenue rose by 82%, reaching N333.82 billion, in comparison with N183.78 billion reported throughout the identical timeframe final 12 months.
Revenue after tax elevated by 91% to N201.38 billion, up from N105.61 billion in 2023.
A key contributor to this efficiency was a rise in gross sales throughout varied product classes. Sugar gross sales rose 73% to N544.4 billion, whereas flour gross sales elevated by 160% to N389.9 billion.
Pasta gross sales additionally rose 131% to N134.8 billion.
Regardless of the monetary efficiency, working bills rose by 56% to N43.86 billion, largely as a result of elevated promoting and distribution prices attributed to inflation.
Trying forward, BUA Meals goals to change into Nigeria’s largest flour and pasta milling firm by 2025.
The corporate has signed agreements with Turkish and Italian companies to boost its manufacturing capability to 900,000 metric tonnes of pasta and a couple of.5 million metric tonnes of flour yearly.
Engr. (Dr.) Ayodele Abioye, the Managing Director of BUA Meals, acknowledged, “Income grew by 104% to N1.07 trillion in comparison with the identical interval final 12 months, whereas our gross revenue stands at N333.8 billion, reflecting a development of 82%. We noticed advantages from our manufacturing capability enlargement and product innovation, with an 11% development in combination quantity.”
