In its financial results for Q1-2023 ended 31-Mar-2023, BUA Foods Plc (“BUAFOODS”) recorded a 60.2 per ent y/y increase in turnover to N144.3bn, driven by revenue growth across its five business divisions, and the commencement of sales in its rice division.
Cost of sales was up 42.0 per cent y/y to N87.7 billion due to the increased cost of raw materials, and energy costs.
Operating expenses rose 299.8 per cent y/y to N8.9 billion, primarily due to a sharp rise in selling and distribution expenses as the company sought creative ways to penetrate new markets and navigate the challenges presented by the macroeconomic environment.
BUAFOODS also had a 28.6 per cent y/y increase in finance costs to N2.1 billion. Nonetheless, the strong top-line performance enabled the company to post impressive bottom-line results.
Q1-2023 PBT came in at N45.9 billion, 85.0 per cent higher than the comparable period in 2022, while Q1-2023 PAT rose 77.1 per cent y/y to N40.5 billion.