BUA Foods posts 85% jump in first-quarter profit

BUA Foods Plc has reported an 85 percent increase in its profit before tax for the first quarter of this year compared to the same period of 2022.

Its pretax profit surged to N45.9 billion in Q1 2023 from N24.8 billion a year earlier, according to its unaudited financial statements.

The company’s revenue grew by 60.2 percent to N144.3 billion from N90.1 billion in Q1 2022.

“Despite the numerous political and economic headwinds that kickstarted the year, BUA Foods Plc sustained her leadership position in the Foods and FMCG company listed on the NGX with a profit after tax growth of 77.1 percent to N40.5 billion for the first quarter,” it said in an earnings release.

The Managing Director, Mr Ayodele Abioye, said the company continued to “deliver strong performance across key financial metrics despite the business climate headwinds characterised in Q1 by the economic impact of the general elections, high food inflation and shortage of cash in circulation following the currency redesign policy”.