Consumer goods company BUA Foods reported a 31 percent increase in profit after tax for the financial year ended 31 December 2022, compared with the previous year. The 2022 results, filed with the Nigerian Exchange Limited on Wednesday, show profit after tax rising to N91.3 billion, up from N69.7 billion in 2021. Full‑year revenue also grew, reaching N418.3 billion—a 26 percent rise from N333.2 billion in 2021. The fast‑moving consumer goods (FMCG) firm said it maintained its market‑leadership position despite economic headwinds.
Profit before tax climbed 38 percent to N107.2 billion in 2022, while earnings per share increased by 20 percent year‑on‑year. The company proposed a dividend of N4.50 k for 2022, up from N3.50 k in 2021. Managing Director Engr. Ayodele Abioye commented, “BUA Foods Plc continued to maintain her leading position as the most profitable foods and FMCG listed company in Nigeria with PBT of N107.2 billion, a growth of 38 percent on the prior year. This is despite the unending disruption of the business climate with high input costs and currency devaluation resulting in increased operational costs. We remain resolute to navigate the numerous business headwinds to continue delivering double‑digit growth with a sustained focus on our market expansion strategy across our business segments.”
Total operating expenses rose 33 percent to N33.9 billion in 2022 (from N24.7 billion in 2021), driven by a significant increase in selling and distribution costs along the supply chain. Operating profit grew 47 percent to N117.5 billion, benefiting from top‑line growth fueled by price adjustments and export sales. A breakdown of divisional performance shows the sugar division contributed 66 percent of revenue in 2022 (up from 64 percent in 2021), the flour division accounted for 20.6 percent (up from 16 percent), and the pasta division contributed 14 percent (down from 20 percent).
Comments are closed for this story.