BUA Foods Plc grows profit by 29.6% to N90.4 billion in 2022

BUA Foods Plc has released its unaudited financial statement for the year that ended 31st December 2022.

The consumer goods maker grew its net profit after tax by 29.5% to N90.4 billion from N69.8 billion in 2021.

See more details of the financial report below.

Turnover 

2022 FY: N417.817 billion

2021 FY: N333.272 billion

Change: +25.4%

Cost of sales

2022 FY: N282.311 billion

2021 FY: N230.312 billion

Change: +22.6%

Gross Profit

2022 FY: N133.505 billion

2021 FY: N102.959 billion

Change: +29.7%

Operating profit 

2022 FY: N108.754 billion

2021 FY: N79.894 billion

Change: +36.1%

Pre-tax profit 

2022 FY: N100.637 billion

2021 FY: N77.739 billion

Change: +29.5%

Net Profit after tax 

2022 FY: N90.401 billion

2021 FY: N69.768 billion

Change: +29.6%

Basic Earnings Per Share

2022 FY: N5.02

2021 FY: N3.88

Change: +29.4%

Bottom line: 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.

During the 2022 fiscal year, BUA Food saw an increase in sales of sugar (non-fortified), molasses, bakery flour, pasta and wheat bran.