BUA Foods Plc released its 2022 unaudited full-year results on Monday, January 30, 2023, reporting a pre-tax profit of N100.63 billion.
This represents a 29.44% increase from the N1.7 billion the company reported during the same period in 2021.
Key details of the unaudited financial report are summarised below.
Revenue
2022 FY: N417.82 billion
2021 FY: N333.27 billion
Change: +25.36%
Gross Profit
2022 FY: N135.51 billion
2021 FY: N102.96 billion
Change: +31.61%
Operating profit
2022 FY: N108.75 billion
2021 FY: N79.89 billion
Change: +36.12%
Finance cost
2022 FY: N8.15 million
2021 FY: N5.04 million
Change: +61.70%
Pre-tax profit
2022 FY: N100.63 billion
2021 FY: N90.40 billion
Change: +29.44%
Net Profit after tax
2022 FY: N90.40 billion
2021 FY: N69.76 billion
Change: +29.58%
Bottom line: The growth in pre-tax profits was due to the increase in sales of sugar products despite inflationary pressure and depreciation of the naira.
The revenue from paint products accounted for 65% of the total revenue achieved by the company during the period under revenue.
