BUA Foods Plc reports N100.6 billion pre-tax profit for FY 2022

BUA Foods Plc released its 2022 unaudited full-year results on Monday, January 30, 2023, reporting a pre-tax profit of N100.63 billion.

This represents a 29.44% increase from the N1.7 billion the company reported during the same period in 2021.

Key details of the unaudited financial report are summarised below.

Revenue

2022 FY: N417.82 billion

2021 FY: N333.27 billion

Change: +25.36%

Gross Profit

2022 FY: N135.51 billion

2021 FY: N102.96 billion

Change: +31.61%

Operating profit

2022 FY: N108.75 billion

2021 FY: N79.89 billion

Change: +36.12%

Finance cost

2022 FY: N8.15 million

2021 FY: N5.04 million

Change: +61.70%

Pre-tax profit

2022 FY: N100.63 billion

2021 FY: N90.40 billion

Change: +29.44%

Net Profit after tax

2022 FY: N90.40 billion

2021 FY: N69.76 billion

Change: +29.58%

Bottom line: The growth in pre-tax profits was due to the increase in sales of sugar products despite inflationary pressure and depreciation of the naira.

The revenue from paint products accounted for 65% of the total revenue achieved by the company during the period under revenue.