BUA
F O 0 D S
RESULTS
UNAUDiTED
EARNINGS PRESS RELEASE
Regulated Information
BUA Foods Delivers Strong Financial Results in Q1 2025 Profit After Tax up by 124% to N125 BillionLagos, 30th April 2025 - BUA Foods Plc ("BUA Foods", or "the Company") announced its results for the unaudited 3M financials for the period ended 31 March 2025.
Key Financial HighlightsGroup % Change | |||
In thousands of naira | 3M 2025 | 3M 2024 | Δ |
Revenue | 442,064,828 | 356,921,621 | 24% |
Cost of Sales | 281,158,084 | 241,503,540 | 16% |
Gross Profit | 160,906,744 | 115,418,081 | 39% |
Gross Margin (%) | 36.4% | 32.3% | 406bps |
Selling and distribution expenses | (11,077,929) | (9,777,158) | 13% |
Administrative expenses | (11,314,854) | (4,590,223) | 147% |
Total operating expenses | (22,392,783) | (14,367,381) | 56% |
Other income | 415,002 | 3,668,335 | -89% |
Operating Profit | 138,928,964 | 104,719,036 | 33% |
Opex to Income Operating profit margin | 5.1% 31.4% | 4.0% 29.3% | 104bps 209bps |
Finance cost - net Foreign Exchange (Gain) Loss | (3,026,646) 485,661 | (15,071,541) (27,285,469) | -79.9% -101.8% |
Minimum tax charge | - | ||
Profit before income tax | 136,387,979 | 62,362,026 | 118.7% |
PBT Margin (%) | 30.9% | 17.4% | 1338bps |
Income Taxes | 11,106,957 | 6,539,429 | 69.8% |
Profit for the period | 125,281,022 | 55,822,597 | 124% |
Earnings Per share (Kobo) | 6.96 | 3.10 | 124.5% |
Return on Equity (%) | 22.60% | 13.01% | 959bps |
Return on Assets (%) | 10.96% | 5.10% | 587bps |
Total assets | 1,142,637,894 | 1,095,504,241 | 4.3% |
Total equity | 554,337,667 | 429,056,645 | 29.2% |
Total liabilities | 588,300,227 | 666,447,596 | -11.7% |
Commenting on the results, Engr. (Dr.) Ayodele Abioye, the Managing Director, said:
We are pleased to begin 2025 on a strong note, as our business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape. Despite operating in a high-cost environment, our proactive supply chain measures and improved internal efficiencies enabled us to sustain strong operational momentum.
Revenue increased by 24%, while Net Profit leaped by 124% to N125Billion further re-affirming our position as a leading food business on the Nigerian Exchange Limited. Our ongoing investments in production capacity, product/package innovation and route-to-market development continue to impact our results positively, enabling fulfilment of customer and consumer demand.
As we look ahead, we remain focused on deepening our market penetration and accelerating innovation to meet changing consumer needs. With a stabilizing economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025."
Key Highlights of Group performance and financial review of 3M 2025 unaudited results.
Revenue (N'Billion) 357442 PBT (N'Billion) 62
136
+24%
+119%
Total Assets (N'Billion)
1143
EPS (₦:K) 3.16.96
1096
+4.3%
+125%
Revenue grew by 24% q-o-q to ₦442.1 billion in 3M 2025 (3M 2024: ₦356.9 billion). This was due to a q-o-q increase of 145% in Flour to ₦176.2 billion (3M 2024: ₦80.9 billion), 12% in Pasta to ₦41.5 billion (3M 2024: ₦37.04 billion), and 1617% in Rice to ₦13.02 billion (3M 2024: ₦0.78 billion), however there was a marginal q-o-q decrease of 11% in Sugar to ₦211.3 billion (3M 2024: ₦238.2 billion).
Cost of sales increased by 16% to ₦281.16 billion in 3M 2025 (3M 2024: ₦241.50 billion) driven primarily by an increase in raw materials and energy cost.
Gross profit increased by 39% to ₦160.91 billion in 3M 2025 (3M 2024: ₦115.42 billion). In alignment with the increase, grossprofit margin also appreciated by 406bps to 36.4% in 3M 2025 (3M 2024: 32.3%).
Selling and distribution expenses increased by 13% to ₦11.08 billion in 3M 2025 (3M 2024: ₦9.77 billion) due to increase in logistics expenses within the period.
Administrative expenses also increased by 147% to ₦11.32 billion in 3M 2025 (3M 2024: ₦4.59 billion)
Total operating expenses increased by 56% to ₦22.39 billion in 3M 2025 (3M 2024: ₦14.37 billion) on
the back of increase in selling and distribution cost along the supply chain to customers.
Operating profit grew by 33% to ₦138.9 billion in 3M 2025 (3M 2024: ₦104.7 billion) benefitting from top line growth driven by strategic pricing policies. Also, Operating profit margin appreciated by 209bps to 31.4% in 3M 2025 (3M 2024: 29.3%).
Finance fees dropped by 79.9% to ₦3.03 billion in 3M 2025 (3M 2024: ₦15.07 billion) largely driven
by lesser finance costs within the reporting period.
Profit before tax increased significantly by 119% to ₦136.4 billion in 3M 2025 (3M 2024: ₦62.3 billion). In alignment, profit before tax margin appreciated by 1338bps to 30.9% in 3M 2025 (3M 2024: 17.4%).
Profit after tax grew by 124% to ₦125.28 billion in 3M 2025 (3M 2024: ₦55.82 billion). while the
Earnings per Share (EPS) grew by 125% to N6.96 in 3M 2025 from N3.10 in the corresponding period.
Total assets increased by 4.3% to ₦1.143 Trillion as of 3M 2025 (12M 2024: ₦1.082 Trillion) driven largely by trade transactions and production capacity expansion.
Total liabilities decreased by 11.7% to ₦588.3 billion as of 3M 2025 (12M 2024: ₦666.5 billion).
Total equity increased by 29.2% to ₦554.34 billion as of 3M 2025 (12M 2024: ₦429.06 billion) mainly due to a significant growth of 30% in retained earnings to ₦546.3 billion as of 3M 2025 (12M 2024:
₦420.9 billion).
Operating segment performance
Sugar division
The Sugar division contributed 48% to revenue in 3M 2025 (3M 2024: 67%). Sugar revenue declined by 11% to ₦211.3 billion in 3M 2025 (3M 2024: ₦238.2 billion). The decrease in revenue is due majorly to low demand within the quarter. Volume sold decreased by 24% to 149,060 tons within the period (3M 2024: 196,434 tons).
Flour division
The Flour division contributed 40% to revenue in 3M 2025 (3M 2024: 23%). Revenue increased by 118% to ₦176.2 billion in 3M 2025 (3M 2024: ₦80.9 billion). The growth in revenue is due both to increased sales volume and strategic pricing within the period. Contribution margin decreased to 30% from 32% for the same period last year due to increase in input cost.
Pasta division
The Pasta division contributed 9% to revenue in 3M 2025 (3M 2024: 10%). Revenue increased by 12% to ₦41.5 billion in 3M 2025 (3M 2024: ₦37.04 billion). Contribution margin increased to 43% from 33% for the same period last year.
Rice division
The Rice division contribution to the revenue picked up in 3M 2025. Revenue increased by 1617% to
₦13.02 billion in 3M 2025 (3M 2024: ₦0.78 billion). There was also a significant increase in production volume to 11,131 tons in 3M 2025 (3M 2024: 765 tons).
Conference call detailsA conference call for analysts and investors will be held on Wednesday 7thMay 2025 at 15.00 WAT.
Please register using the link below:
BUA Foods Plc Q1 2025 Financial Results Conference Call - Investors & Analyst Conference Call
To join the live webcast please click on the link below:
Live Webcast
A copy of the presentation will be available on the Company's website on the day of the call.
For further information, please Contact: Abdulrasheed Olayiwola
Chief Financial Officer
E: Abdulrasheed.Olayiwola@buafoodsplc.com
M: +234 803 334 3914
Oluwasegun BakareHead, Strategy & Investor Relations
E: Oluwasegun.Bakare@buafoodsplc.com
M: +234 703 334 2064
BUA Foods Investor Relations: IR@buafoodsplc.com
Definition of terms
Gross profit refers to revenue minus cost of sales. Gross profit margin corresponds to gross profit as a % of revenue. Operating expenses corresponds to Selling and distribution expenses, Administrative expenses and Other operating expenses. EBITDA refers to earnings before interest, tax, depreciation and amortization. EBITDA margin corresponds to EBITDA as a % of revenue. Operating profit refers to gross profit minus operating expenses plus other operating income. Operating profit Margin corresponds to EBIT as a % of revenue. Profit before Tax corresponds to EBIT minus net finance (cost)/income and plus share of profit of associates and joint venture using the equity method. Profit before tax margin corresponds to profit before tax as a % of revenue. Return on equity corresponds to net profit reported to average total equity. Return on assets corresponds to net profit reported to average total assets. Earnings per share is profit after tax from continuing operations reported to weighted average number of shares.About BUA Foods Plc
BUA Foods Plc (NGX: BUAFOODS) is a leading food business with well diversified and scalable operations producing sugar, flour, pasta, rice and edible oils. The Company owns strategically located plants across Nigeria, in addition to a cordial alliance with local stakeholders in host communities. Additionally, BUA Foods is a resilient business built on a strong brand proposition and is an operator that has a well-known reputation for delivering high-quality products.
BUA Foods continues to invest in modern technology for efficient food production, innovatively expanding with strategic partners across the value chain. The Company is also well positioned to leverage significant export potentials across West Africa and the larger African continent.
Headquartered and listed in Nigeria, BUA Foods is one of the most capitalized companies on the NGX Exchange and a leading consumer goods firm by market value.
For more information visit https://www.buafoodsplc.com/overview/
Disclaimer
This announcement contains or will contain forward-looking statements which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "anticipate", "believe", "expects", "intend" "estimate", "project", "target", "risks", "goals" and similar terms and phrases have been used to identify the forward- looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally. BUA Foods Plc cautions readers that several factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain of these risks or factors, reference should be made to the Company's disclosure materials filed from time to time with the Securities & Exchange Commission in Nigeria. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise.