BUA Foods Plc has released its results for the fiscal year ending on 30 September 2022. The result shows that the Group’s revenue and profit after tax have increased yearly.
The nine-month turnover was N289.82 billion, a 20.22% increase over the previous year’s figure of N241.079 billion. This was due to a 17.0% increase in Sugar from N154.7 billion in Q3 2021 to N180.9 billion in Q3 2022.
Profit after tax increased by 17.17% to N68.761 billion, up from N58.685 billion the previous year. This is due to a lower effective tax rate of 7.4% compared to 7.73% in Q3 2021.
Earnings per share (EPS) increased by 17.17% to N3.82 in Q3 2022, up from N3.26 in the previous quarter.
BUA Foods has a P/E ratio of 14.63x with an earnings yield of 6.83% at a share price of N55.9.
Commenting on the results, Engr. Ayodele Abioye, the Managing Director of BUA Foods Plc stated thus:
We continue to navigate the high input cost environment to deliver double digit growth within the period. We grew revenue by 20.2%, profit before tax by 16.9% and earnings per share by 17.2%.
We are making progress with the recommencement of the rice business before year end 2022 to further diversify our revenue base. In addition, we are making progress with the backward integration plans for the sugar business and our capacity expansion plans for the flour, rice, and pasta divisions.
