BUA Foods declares 85% increase in PBT to N45.95bn

BUA Foods on Wednesday declared 85 per cent increase in profit before tax to N45.95billion in its unaudited first quarter (Q1) ended March 31, 2023 compared to N24.84billion reported in first quarter of 2022. 

The food processing company on the floor of the Nigerian Exchange Limited ((NGX), stated that its profit after tax hits N40.5billion in Q1 2023, an increase of 77 per cent when compared to N22.84billion in Q1 2022. 

Significant increase in revenue to N144billion in Q1 2023 from N90.07 billion in Q1 2022 and N81billion minimum tax drive profits in the period under review.

The company, however, reported N87.66billion cost of sales in Q1 2023, an increase of 42 per cent from N61.7billion in Q1 2022.

BUA Foods closed the period with N649.63billion total assets compared with N607.42billion reported in full year ended December 31, 2022.

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