Nigeria’s Top Large-Cap Firm BUA Foods Doubles Profit

BUA Foods, Nigeria’s biggest listed firm by market capitalisation, posted a two-fold increase in profit after tax for the first nine months of the year.

The subsidiary of BUA Group, chaired by billionaire Abdul Samad Rabiu, saw its after-tax profit jump to N405.27 billion from N201.39 billion, according to its latest earnings report.

Its sales revenue increased to N1.42 trillion from N1.07 trillion, while its foreign exchange loss narrowed to N139.15 million from N87.96 billion.

With a market cap of N12.46 trillion as of Thursday, the food business has been the most valuable firm on the Nigerian Exchange Limited since 7 August, when it crossed the N10 trillion mark for the first time.

READ MORE: BUA Foods Powers Ahead With Market Cap Surging to N11.33trn