BUA Foods reported that its profit after tax increased by 142.24 percent, from N39.3 billion at the end of 2022 to N95.2 billion at the end of the first half of 2023.
It made this disclosure in a Tuesday earnings release.
The company, which produces sugar, wheat, pasta, rice, and edible oils, stated: “Profit After Tax grew by 142 per cent to N95.2bn in H1, 2023 (H1, 2022: N39.3bn), while the earning per share grew by 142.6 per cent to N5.29 in H1, 2023 from N2.18 in the corresponding period.”
BUA Foods’ revenue grew by 90.63 per cent year-on-year to N320.9bn in H1, 2023 (H1, 2022: N168.8bn).
The group attributed the increase to a year-on-year rise of 80 per cent in the sugar segment of its business to N196.5bn (H1, 2022: N109.1bn); 154 per cent in flour to N86bn (H1 2022: N33.9bn); and 47 per cent in Pasta to N37.9bn (H1, 2022: N25.8bn).
