BUA Foods Plc has reported a profit before tax of N153.757 billion for Q1 2026, according to its recently filed unaudited financial statements on the Nigerian Exchange.
This reflects a 12.74% year-on-year increase from N136.388 billion in Q1 2025, driven largely by a reduction in operating and finance cost.
This is despite the drop in revenue and zero foreign exchange gain.
Revenue declined by 11% YoY to N394.62 billion, while foreign exchange gain was zero compared to the N486 million recorded in Q1 2025
Key highlights (Q1 2026 vs Q1 2025)
- Revenue: N394.620 billion, up 10.73% YoY
- Cost of sales: N218.971 billion, up 22.12% YoY
- Gross profit: N175.649 billion, up 9.16% YoY
- Operating expenses: N21.588 billion, down 3.59%% YoY
- Operating profit: N154.657 billion, up 11.32% YoY
- Finance costs: N1.044 billion, down from N3.768 billion
- Post-tax profit: N142.317 billion, up 13.60% YoY
- Total assets: N1.55 trillion, up 12.10%
- Shareholders’ funds: N855.761 billion; up 19.95%
Driving the numbers
On the income statement, Q1 2026 revenue of N394.62 billion was driven primarily by sugar and flour sales. However, the decline in sales of these products contributed to the overall decline in revenue.
- Revenue from sugar declined by 18% YoY to N171.378 billion, while revenue from flour declined by 22% YoY to N128 billion
Reflecting the decline in revenue, the cost of sales declined by 22% YoY to N219 billion resulting in gross profit of N176 billion, compared to N161 billion recorded in the prior year.
- After accounting for administrative expenses of N5.82 billion, selling and distribution costs of N15.8 billion, and other income of N596 million, operating profit rose to N155 billion.
- Finance costs declined to N1.044 billion from N3.768 billion, and, together with finance income of N144 million, contributed to a pretax profit of N154 billion.
Following an income tax expense of N11.4 billion, profit after tax settled at N142 billion, up from N125.28 billion, with earnings per share increasing to N7.91 from N6.96.
Balance sheet
On the balance sheet, total assets grew by 12% to N1.55 trillion, with trade and other receivables standing as the largest asset class at N947 billion.
Total liabilities increased to N699.92 billion from N674 billion, with borrowing of N362 billion representing the largest share of the company’s obligations.
On the equity side, retained earnings rose to N847.7 billion from N705 billion, supporting total equity of N855.761 billion from N713.44 billion as of December 2025.
Market reaction
Year-to-date, the stock has gained 21% to N967 per unit, with market capitalization of N17.4 trillion, raking the 2nd most capitalized stock on the NGX.
