Q3 2022: Bua Foods Plc reports 61% increase in pre-tax profits

Bua Foods Plc released its 2022 Q3 results on Friday, November 4, 2022, reporting a pre-tax profit of N31.881 billion. This represents a 61% increase from the N19.821 billion the company reported during the same period in 2021.  

Revenue 

2022 Q3: N120.5 billion  

2021 Q3: N86.5 billion 

Change: +39.31% 

Gross Profit 

2022 Q3: N41.1 billion  

2021 Q3: N26.6 billion 

Change: +54.51% 

Operating profit 

2022 Q3: N33.7 billion  

2021 Q3: N21.8 billion 

Change: +55.59% 

Finance charges 

2022 Q3: N2.251 billion  

2021 Q3: N2.334 billion 

Change: -3.56% 

Pre-tax profit 

2022 Q3: N31.9billion 

2021 Q3: N19.8 billion 

Change: +61.1% 

Net Profit after tax  

2022 Q3: N30.05 billion 

2021 Q3: N18.19 billion 

Change: +65.2% 

Cash in hand 

2022 Q3: N41.4 billion 

2021 Q3: N30.3 billion 

Change: +36.63% 

Bottom line: The growth in pre-tax profits was due to the increase in revenue from both the sugar and flour divisions of the company, driven majorly by price adjustments and export sales as the volume sold declined. While the volume sold declined due to a decline in production, the decline in production was attributable to energy disruptions within the period.