Business

BUA Foods records N22.85 billion net profit

By JONHMARK UKOKO

Nigeria’s leading food and fast moving consumer goods (FMCG) business, BUA Foods Plc has announced that it recorded N22.858 billion net profit after tax for the first quarter (Q) of 2022 The Trumpet gathered.

The product lines of BUA, which processes, manufactures and distributes sugar, flour, pasta, rice and edible oils, currently include fortified and non-fortified sugar, flour for large, small-scale use and pasta.

It is also expected to commence the processing, manufacturing, production and distribution of rice by the end of 2022 and edible oils by 2024.

To confirms its place BUA Foods Plc has released its statement of profit or loss and other comprehensive incomes for the three months ended March 31, 2022 with 18.6 per cent raise in its group net profit after tax (PAT) of N22.844 billion from N19.26 billion in Q1, 2022.

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The group’s turnover for the quarter rose to N90.06 billion from N70.203 billion in Q1, 2022, while earnings per share increased from N1.07kobo in the corresponding period in 2021 to N1.27kobo in the current year, as total assets also increased accordingly.

The company currently owns mills, plants, refineries and plantations across different regions of the country namely: oil mills, rice mills, Bassa sugar plantation, Lafiagi Sugar Plantation and sugar refinery, among others.

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