BUA Foods Plc, a leading Foods and FMCG company has reported a strong performance in Q1 2023, despite the political and economic headwinds that marked the period. The company’s revenue rose by 26% to N144.3bn in Q1 2023, from N90.1bn in Q1 2022.
According to the Q1 2023 unaudited results released by the company, BUA Foods Plc sustained its leadership position in the industry, with a Profit After Tax (PAT) growth of 77.1% to N40.5bn for the first quarter of 2023. Additionally, all other performance indicators sustained double-digit growth, with earnings per share increasing by 77% relative to the same quarter in 2022.
Key Financial Highlights:
- Revenue grew by 60.2% quarter-on-quarter (q-o-q) to N144.3bn in Q1 2023, compared to N90.1bn in Q1 2022.
- Gross profit increased by 100% to N56.6bn in Q1 2023, compared to N28.3bn in Q1 2022.
- Gross profit margin appreciated by 790 basis points to 39.3% in Q1 2023, from 31.4% in Q1 2022.
- Operating profit rose by 81.7% to N48.2bn in Q1 2023, from N26.5bn in Q1 2022.
- Profit before income tax increased by 85% to N45.9bn in Q1 2023, from N24.8bn in Q1 2022.
- Earnings per share (Kobo) increased by 77% to 2.25 in Q1 2023, from 1.27 in Q1 2022.
Commenting on the results, Engr. Ayodele Abioye, the Managing Director, said, “BUA Foods Plc continues to deliver strong performance across key financial metrics despite the business climate headwinds characterized in Q1 by the economic impact of the general elections, high food inflation, and shortage of cash in circulation following the currency redesign policy. We continue to leverage our unique strategic business model to minimize the impact.” He added, “We are committed to remaining the most profitable business in our sector while creating long-term values for our stakeholders as we expand our frontiers.”
BUA Foods Plc’s Q1 2023 unaudited results have shown a remarkable growth in revenue and profitability. With the company’s unique strategic business model, it is well-positioned to navigate the current economic challenges while creating long-term value for its stakeholders.
