Companies
Updated: February 06, 2023

BUA Foods Records N90 Billion Profit

By Felicia Abisola Olamiji
February 06, 2023
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BUA Foods Plc has released its unaudited financial statements for the year ending December 31, 2022, which revealed a 29.5% increase in net profit after tax from the N69.8 billion recorded in the previous year to N90.4 billion, while profit before tax grew from N77.739 billion in 2021 to N100.637 billion.

During the period under review, BUA Foods reported a 36.1% increase in operating profit from N79.894 billion recorded in 2021 to N108.754 billion.

The company also recorded a 22% in the cost of sales, from N230.312 billion to N282.311 billion in the 2021 financial year.

For the 2022 financial year, it recorded a gross profit of N102.959 billion, from the N133.505 billion recorded in 2021, which indicates a 29.7% increase.

According to the company, the growth in profits was due to the increase in turnover to 417.82 billion in 2022 from N333.27 billion in the previous year.