BUA Foods Plc has released its unaudited financial results for Q3 2025, reporting a pre-tax profit of N156 billion, reflecting a remarkable 99.41% YoY increase from the N78.46 billion posted in Q3 2024.
This stellar performance propelled the company’s nine-month pre-tax profit to N433 billion, marking an impressive 101% YoY growth compared to N216 billion for the same period in 2024.
The results also revealed strong revenue growth, with Q3 revenue increasing by 28% YoY to N508 billion. This performance has driven the nine-month revenue to N1.42 trillion, reflecting a 33% YoY increase compared to N1.07 trillion in the same period last year.
Key highlights (Q3 2025 vs. Q3 2024)
- Revenue: N588.1 billion (+34% YoY)
- Cost of Sales: N326.91 billion (+15.5% YoY)
- Gross Profit: N181.31 billion (+57% YoY)
- Operating Profit: N152.76 billion (+35% YoY)
- Finance Income: N5.93 billion (+523% YoY)
- Finance Costs: N1.67 billion (-18.7% YoY)
- Pre-Tax Profit: N156.47 billion (+99% YoY)
- Post-Tax Profit: N147.37 billion (+100% YoY)
- Earnings per Share: N8.19 (+99% YoY)
- Total Assets: N1.24 trillion (+13% YoY)
- Shareholders’ Funds: N600.33 billion (+11% YoY)
Performance analysis
The robust financial results in Q3 2025 were largely driven by strong sales in key product categories.
- Notably, the company saw a marked increase in revenue from sugar (both fortified and non-fortified), semolina, and rice.
- Growth in wheat bran and pasta also contributed to the company’s top-line performance.
BUA Foods’ diverse product offerings continue to be a strong driver for revenue, showcasing its ability to capitalize on consumer demand across different segments.
Costs
However, the rise in revenue was accompanied by a 15.5% year-on-year increase in the cost of sales, which reached N326.91 billion.
- This increase was primarily driven by higher raw material costs and energy expenses.
Despite the higher costs, BUA Foods managed to improve its gross profit by 57%, bringing it to N181.31 billion and pushing the margin up to 36%.
Operating expenses saw a much sharper rise of 86% YoY, significantly outpacing revenue growth.
- The rise in operating expenses was driven by increased costs in selling, distribution, and administrative functions.
Despite this, the operating expenses accounted for only 16% of gross profit, a relatively small proportion, given the 57% YoY growth in gross profit, which reached N181.31 billion.
Meanwhile, finance costs decreased by 18.7% YoY, totaling N1.67 billion, reflecting effective management of borrowings and lower interest expenses.
Balance sheet strength
As of September 30, 2025, BUA Foods’ total assets grew by 13.4% YoY to N1.24 trillion, driven by increases in current assets, especially receivables and due-from-related-company balances.
On the liabilities side, total liabilities rose to N642.20 billion, mainly due to increases in trade payables and borrowings.
- As of September 30, 2025, the company’s total borrowings stood at N391.86 billion, up from N298.97 billion at the start of the year.
- The company’s shareholders’ equity rose by 40.0% YoY to N600.33 billion, fueled by a 45.7% increase in retained earnings.
Market performance:
BUA Foods is currently the most valuable stock on the Nigerian Exchange (NGX) with a market capitalization of N12.5 trillion, representing 12.8% of the entire NGX equity market.
The stock closed at N692.50 on October 30, 2025, reflecting a 66.9% increase since the start of the year and 10% growth over the past four weeks.
