BUA Foods Plc has reported a profit after tax soaring by 145.3 per cent to N274.95bn in the fiscal year 2024.

In a statement made available to our correspondent on Sunday, the company’s gross profit grew by 107.9 per cent to N541.71bn, further demonstrating its operational efficiency.

According to the statement, the company’s revenue reached N1.53tn last year, marking a growth of 109.3 per cent from N729.4bn in 2023. Gross profit grew by 107.9 per cent, reaching N541.71bn.

Also, its earnings before interest, taxes, depreciation, and amortization saw a rise, increasing by 131.5 per cent to N499.4bn, which highlights the company’s ability to generate cash flow, even in a competitive market.

In terms of product performance, the company achieved growth across its core offerings. Sugar sales rose by 74 per cent to N733.8bn, while flour sales surged by 172 per cent to N589.5bn. Additionally, pasta sales also saw growth, increasing by 125 per cent to N197.6bn.

The company’s earnings per share also surged by 145.3 per cent, hitting N15.27.

Commenting on the result, the Founder and Chairman of the company, Abdul Rabiu, attributed the company’s growth to its commitment to innovation, operational efficiency, and market expansion.

He noted, “BUA Foods growth in 2024 is a testament to our long-term vision of ensuring food security in Africa. We have continued to invest in capacity expansion, optimize our supply chain, and enhance operational efficiencies to meet the growing demand in the market.

“Moving forward, we will focus on sustainable growth, strengthening our market leadership, and delivering superior value to our customers and stakeholders.”

The Managing Director of the company, Ayodele Abioye, expressed his satisfaction with the company’s performance, stating, “We are pleased to report another year of exceptional performance despite the challenges posed.”