Prime Business AfricaIn its unaudited financial statements for the first quarter (Q1) of 2025, BUA Foods reported that N442.06 billion in revenue was generated during the period, compared to the N356.92 billion turnover posted in the same period last year.
The 23.85 per cent growth in revenue was higher than the 16.41 per cent increase in the company’s cost of sales, which rose from N241.50 billion in Q1 2024 to N281.15 billion in Q1 2025.
Join our WhatsApp ChannelGross profit also doubled or rose by 39.41 per cent year-on-year from N115.41 billion to N160.90 billion, according to the earnings report.
Also, BUA Foods’ administrative expenses gulped N11.31 billion in Q1 this year, surpassing the N4.59 billion posted in the corresponding period in 2024, reflecting an increase of 146.49 per cent.
The company also spent N1.07 billion on selling and distribution between January and March 2025, compared to the N9.77 billion reported in the first quarter of 2024.
In addition, BUA Foods reported other income of N415 million in the first quarter of 2025, down by 88.68 per cent compared to the N3.66 billion recorded in Q1 last year.
Consequently, BUA Foods’ operating profit increased by 32.66 percent year-on-year from N104.71 billion to N138.92 billion.
Furthermore, the company’s bottom line was boosted by a 753.33 per cent increase in finance income, which rose from N86.92 million in Q1 2024 to N741.79 million in Q1 2025, as well as the 75.13 per cent year-on-year decrease in its finance costs, which dropped from N15.15 billion to N3.76 billion.
As a result, BUA Foods’ net finance costs dropped to N3.02 billion from N15.07 billion, indicating a 79.91 percent year-on-year decrease.
The bottom line was further supported by a N485.66 million foreign exchange (FX) gain during the review period, as the company overcame the N27.28 billion FX loss recorded in the first quarter of last year.
This led to BUA Foods posting a 118.70 per cent increase in profit before tax (PBT) that increased from N62.36 billion in Q1 2024 to N136.38 billion in Q1 2025.
BUA Foods filed N11.10 billion in income tax in the first quarter of this year, against the N6.53 billion filed in the corresponding period last year.
Following the deduction of income tax, BUA Foods reported its profit after tax (PAT) increased from N55.82 billion to N125.28 billion, indicating a year-on-year increase of 124.42 per cent.
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