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
