One of Africa’s most valuable companies, BUA Foods has reported a massive surge in profit, boosting its profit line with revenue growth of 26%., to N418.3 billion for the full year 2022.
The report was made known by the Chairman of BUA Group, Abdul Samad Rabiu on Monday.
The food company, which seized the prime spot as the country’s biggest consumer goods firm by market value last January, currently carries a market capitalisation in excess of N1.3 trillion.
Commenting on the achievement, the Company wrote on its Instagram page “Once again, we sustained our leadership position as the most profitable Foods and FMCG company listed on the Nigeria Exchange Group with a revenue growth of 26% to N418.3 billion for the full year 2022”
According to the financial report presented by the Nigeria Exchange (NGX), revenue grew by more than a quarter at N417.8 billion, 65.5 per cent of that was contributed by sugar sales.
Administrative expenses shrank by 22.5 per cent as the company pared down general expenses and bank charges, helping to cushion the impact of costs on earnings.
Finance income declined by as much as 98.6 per cent to 39.9 million from N2.9 billion. Conversely, finance costs advanced to N8.2 billion, reflecting a jump of 61.6 per cent.
Also, profit before taxation climbed 29.5 per cent to N100.6 billion, while net profit grew from N69.8 billion to N90.4 billion, representing a 29.6 per cent increase year on year.
Total assets as of the end of the review year were N612.1 billion compared to N593.5 billion a year earlier.
Net profit margin, the metric that measures how much of revenue has turned into profit, was 21.6 per cent relative to 20.9 per cent in 2021.