BUA Foods announces N100.6bn profit before tax for 2022 FY

BUA Foods Plc on Monday released its 2022 unaudited full-year result, reporting a profit before tax of N100.6 billion.

This is an increase of 29.44per cent from the N77.74 billion the group reported during the same period in 2021.

The food processing company on the Nigerian Exchange Limited (NGX) also announced N90.4billion  profit after tax in 2022 from N69.77billion reported in 2021.

The group’s significant increase in revenue contributed to profit in the period but hike in cost of sales and operating expenses signal challenging business environment it was in the year under review.

The group reported N417.82billion revenue in 2022, representing an increase of 25.4 per cent from N333.27billion in 2021.

Cost of sales grew by nearly 23 per cent to N282.3billion in 2022 from N230.3billlion, while total  operating expenses gained 14.7per cent to N28.43billion in 2022 from N24.76billion reported in 2021.

The group reported N255.65billion cost of raw material in 2022 from N211.21billion in 2021, while cost of buying energy moved to N11.73billion in 2022 from N9.15billion in 2021.  

In addition to profit and loss figures, the group closed 2022 with Earning Per Share of N5.02 as against N3.88 per share reported in 2021.

The group’s total assets rises to N6121billion in 2022 from N593.47billion in 2021.