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.