BUA Foods grow revenue in H1 2024 by 38%—official

BUA Foods recorded a significant growth in revenue the first half of 2024 in spite of the harsh operating environment in Nigeria. According to its financial results for the half-year filed with the Nigerian Exchange Limited, BUA Foods recorded a 38% growth in its revenue, amounting to N130 billion. This is against the N95.18 billion recorded in the same period in 2023. The revenue growth was boosted largely by increased sales in sugar, pasta and flour.
Ayodele Abioye, its Managing Director, the first half of the year has been one of significant resilience and achievements for our company. “We attained a robust financial performance, with total revenue increasing by 110 per cent to N672.3bn compared to the same period last year. Our gross profit stands at N218.4bn, reflecting a growth of 64 per cent. This solid performance is a testament to the efficacy of our strategic initiatives, operational efficiency, and unwavering dedication of our board, management, and other members of staff.
“During this period, we have made significant strides in executing our strategic plans, successfully launching new products, specifically, macaroni, premium pasta, and semolina to meet the yearnings of our customers,” Ayodele Abioye said. Our diversified portfolio and expansion into new markets impacted revenue growth while strengthening our partnership with key stakeholders. We also maintained a strong focus on cost optimisation, resulting in sustained margins and profitability,” he said.