BUA Foods Plc, managed by Managing Director Ayodele Abioye, saw a 104 percent increase in revenue in the first nine months of 2024, reaching N1.07 trillion ($647 million) compared to the same time last year. This robust success was primarily driven by higher sales of the company’s main products, sugar, wheat, and pasta.
Sugar sales rose by 73% to N544.4 billion ($329 million), while flour sales increased by 160 percent to N389.9 billion ($235.6 million). Pasta sales soared by 131% to N134.8 billion ($81.5 million). Despite inflationary pressures and increased distribution costs, BUA Foods achieved operational efficiency, with gross profit climbing 82% to N333.82 billion ($201.7 million) and profit after tax rising 91% to N201.38 billion ($121.7 million).
BUA Foods is on track to meet its 2025 target of becoming the market leader in flour and pasta manufacturing. The company has created strategic alliances with Turkish and Italian companies to increase production capacity, with an annual output of 900,000 metric tonnes of pasta and 2.5 million metric tonnes of wheat.
“We continue to invest in our production capacity and product lineup to meet the growing demand for our products,” said Abioye, emphasizing BUA Foods’ commitment to addressing food supply challenges in Nigeria while maintaining a competitive edge in the market.
Product innovation and capacity expansion remain critical components of BUA Foods’ strategy to increase shareholder value and achieve long-term success. The company’s capacity to meet expanding consumer demand, especially in a challenging economic situation, prepares it for long-term success.
“We thank our stakeholders, particularly our customers and consumers, for their continued support and love for the brand,” Abioye added. “As we move forward, we are committed to nourishing lives and providing high-quality food products.”
BUA Foods’ financial performance in the first nine months of 2024 reflects its strong market position and its focus on long-term growth through innovation and strategic partnerships.
