BUA Foods grows profit by 65% to N30.045 billion in Q3
October 31,2022
BUA Foods Plc has announced its unaudited financial statements for the third quarter that ended on September 30th, 2022.
The financial report, seen by Nairametrics, showed a profit after tax of N30.045 billion, a 65.18% increase year-on-year compared to N18.189 billion in Q3 2021.
The also report showed that turnover increased by 39.25% to N120.467 billion from N86.509 billion as of Q3 2021
Profit before tax increased by 60.83% to N31.880 billion from N19.821 billion as of Q3’2021. In the same vein, profit after tax jumped to N30 billion up from N18.1 billion during the comparable period in 2021.
A closer look at the report showed that the company’s revenue was driven by a significant jump in revenue from sales of sugar and baking flour
Earnings per Share (EPS) was up 65.34% to 167 kobos from 101 Kobo as of Q3’2021.
The cost of sales rose by 32.43% to N79.393 billion from N59.949 billion in 2021. The increase was due to the high costs of energy and raw materials imports with its attendant foreign exchange burden that has remained a militating factor for the less-than-sterling performance of manufacturers
Other key financial highlights
- Administrative expenses grew by 29.11% to N1.894 billion in Q3 2022 to N1.467 billion in 2021
- Selling & distribution expenses grew by 64.83% to N5.479 billion in 2022 to N3.324 billion the previous quarter
- Other income rose by 11.38% to N432.620 million in Q3 2022 from N388.416 million in 2021
- Income Taxes grew by 12.51% to N1.835 billion in 2022 from N1.631 billion in Q3 20921
