Bua Foods reported a 20.2 percent increase in revenue to N289.8 billion at the end of the first nine months of 2022.
Despite the economic challenges, the fast-moving consumer goods company’s revenue increased from N221.7bn in the same period of 2021, as shown in its unaudited financial result for September 2022.
According to a statement, the impressive result was due to a 17.0% year-on-year increase in sugar revenue to N180.9 billion as of 30 September 2022, up from N154.7 billion in the previous year.
Flour revenue increased by 37% to N66.2 billion in September 2022, up from N48.1 billion in the same period in 2021; pasta revenue increased by 13% to N42.7 billion on September 30, 2022, up from N38.2 billion in the same period in 2021.
Ayodele Abioye, Managing Director of Bua Foods, commented on the results, saying, “We continue to navigate the high input cost environment to deliver double-digit growth within the period.” We increased revenue by 20.2%, profit before tax by 16.9%, and earnings per share by 17.2%.
“We are making progress toward resuming the rice business before the end of 2022 in order to diversify our revenue base even further.”
“We are also moving forward with our backward integration plans for the sugar business, as well as our capacity expansion plans for the flour, rice, and pasta divisions.”