F O0 D S
UNAUDiTED
RESULTS
31st March, 2026
EARNINGS PRESS RELEASE
Regulated Information
BUA Foods Drives Margin Expansion and Double-Digit PAT Growth Profit After Tax up by 14% to ₦142 BillionLagos, 30th April 2026 - BUA Foods Plc ("BUA Foods", or "the Company") announced its results for the
unaudited full year financials for the period ended 31 March 2026.
Key Financial HighlightsGroup % Change | |||
In thousands of naira | 3M 2026 | 3M 2025 | Δ |
Revenue | 394,619,792 | 442,064,828 | -11% |
Cost of Sales | 218,971,198 | 281,158,084 | 22% |
Gross Profit | 175,648,594 | 160,906,744 | 9% |
Gross Profit Margin (%) | 44.5% | 36.4% | 810bps |
Selling and distribution expenses | (15,766,523) | (11,077,929) | 42% |
Administrative expenses | (5,821,242) | (11,314,854) | 49% |
Total operating expenses | (21,587,765) | (22,392,783) | 4% |
Other income | 596,288 | 415,002 | 44% |
Operating Profit | 154,657,117 | 138,928,964 | 11% |
OPEX to Income margin Operating profit margin | 5.5% 39% | 5% 31% | 50bps 800bps |
Finance cost - net | (899,828) | (3,026,646) | 70.3% |
Profit before income tax | 153,757,289 | 136,387,979 | 13% |
PBT Margin (%) | 39% | 30.9% | 810bps |
Income Taxes | 11,440,683 | 11,106,957 | 3% |
Profit for the period | 142,316,606 | 125,281,022 | 14% |
Earnings Per share (Kobo) | 7.91 | 6.96 | 14% |
Return on Equity (%) | 17% | 18% | (100) bps |
Return on Assets (%) | 9.2% | 9% | (20) bps |
Total assets | 1,555,681,330 | 1,387,793,769 | 12% |
Total equity | 855,761,230 | 713,444,625 | 20% |
Total liabilities | 699,920,100 | 674,349,144 | 4% |
Commenting on the results, Ayodele Abioye, the Managing Director, said:
"BUA Foods delivered resilient earnings in Q1 2026, underpinned by strong margin performance despite a challenging operating environment. Profit After Tax increased by 14% year-on-year to
₦142.32 billion, notwithstanding an 11% decline in revenue and modest volume growth. EBITDA rose by 11% to ₦157.13 billion, reflecting effective cost containment, pricing discipline, and sustained margin expansion across core product portfolios.
Looking ahead, while geopolitical risks continue to impact energy markets and global supply chains, the business remains well positioned. Supported by a resilient operating model and disciplined execution, BUA Foods is focused on delivering sustainable, long-term value for investors, shareholders, and other stakeholders."
Key Highlights of Group performance and financial review of Q1 2026 unaudited results.
Revenue (₦'Billion) PBT (₦'Billion)11%
442 395+13%
136 154sets (₦'Billion) | EPS (₦:K) |
+12% | +14% |
1387 | 6.96 |
1556 | 7.91 |
Revenue dropped by 11% q-o-q to ₦394.6 billion in 3M 2026 (3M 2025: ₦442.1 billion). This was primarily due to a q-o-q decline in our Sugar and Flour reporting segments: 19% in Sugar to ₦171.7 billion (3M 2025: ₦211.3 billion), 22% in Flour to ₦137.4 billion (3M 2025: ₦176.2 billion).
Cost of sales decreased by (-22%) to ₦218.97 billion in 3M 2026 (3M 2025: ₦281.16 billion) driven primarily by improved cost efficiency in raw materials and energy.Gross profit increased by 9% to ₦175.65 billion in 3M 2026 (3M 2025: ₦160.91 billion). In alignment with the increase, gross profit margin also appreciated by 810bps to 44.5% in 3M 2026 (3M 2025: 36.4%).
Selling and distribution expenses increased by 42% to ₦15.77 billion in 3M 2026 (3M 2025:
₦11.08 billion) due to an increase in logistics expenses within the period.
Administrative expenses albeit decreased by 49% to ₦5.82 billion in 3M 2026 (3M 2025: ₦11.32 billion).
Total operating expenses decreased by 4% to ₦21.59 billion in 3M 2026 (3M 2025: ₦22.39 billion) on the back of a significant decrease in administrative expenses along the supply chain to customers.
EBITDA increased by 11% to ₦157.13 billion in 3M 2026 (3M 2025: ₦141.40 billion), driven by growth in gross profit. Also, EBITDA margin appreciated by 790bps to 39.8% in 3M 2026 (3M 2025: 31.9%).
Operating profit grew by 11% to ₦154.66 billion in 3M 2026 (3M 2025: ₦138.9 billion) benefiting from reduced cost of sales, driven by cost containment practices. Also, Operating profit margin appreciated by 800bps to 39% in 3M 2026 (3M 2025: 31%). Finance Cost (Net) dropped significantly by 70.3% to ₦899 million in 3M 2026 (3M 2025: ₦3.03 billion) due to non-additional borrowing within the reporting period under review.Profit before tax increased by 13% to ₦153.8 billion in 3M 2026 (3M 2025: ₦136.4 billion), as profit before tax margin also increased by 810bps to 39% in 3M 2026 (3M 2025: 30.9%)
Profit after tax also increased by 14% to ₦142.32 billion in 3M 2026 (3M 2025: ₦125.28 billion). In correlation, the Earning per Share (EPS) grew by 14% to N7.91 in 3M 2026 from N6.96 in the corresponding period.
Total assets increased by 12% to ₦1.556 trillion as of 3M 2026 (FY 2025: ₦1.389 trillion) driven largely by dues from related companies and production capacity expansions.
Total liabilities increased marginally by 4% to ₦699.9 billion as of 3M 2026 (FY 2025: ₦674.4 billion).
Total equity increased by 20% to ₦855.76 billion as of 3M 2026 (FY 2025: ₦713.44 billion) largely driven by a growth of 20% in retained earnings to ₦847.7 billion as of 3M 2026 (FY 2025: ₦705.4 billion).
Operating segment performance
Sugar division
The Sugar division contributed 43% to revenue in 3M 2026 (3M 2025: 48%). Sugar Revenue dropped by 19% to ₦171.7 billion in 3M 2026 (3M 2025: ₦211.3 billion). The decrease in revenue is due majorly to reduced demand for our Sugar product within the period under review.
Flour division
The Flour division contributed 35% to revenue in 3M 2026 (3M 2025: 40%). Revenue declined by 22% to ₦137.4 billion in 3M 2026 (3M 2025: ₦176.2 billion). The decrease in revenue is due to the alignment with strategic and competitive market pricing initiatives, during the period under review.
Pasta division
The Pasta division contributed 18% to revenue in 3M 2026 (3M 2025: 9%). Revenue increased by 70% to ₦70.6 billion in 3M 2026 (3M 2025: ₦41.5 billion). The increase in sales volume recorded was due to high demand for our Pasta products within the period under review. However, Contribution margin dropped to 41% from 43% for the same period last year.
Rice division
The Rice division contributed 4% to the revenue in 3M 2026 (3M 2025: 3%). Revenue increased to
₦14.9 billion in 3M 2026 (3M 2025: ₦13.02 billion), due to steady milling operations in the division.
For further information, please
Contact: Michael Ehimah
Acting Chief Financial Officer
E: michael.ehimah@buafoodsplc.com
M: +234 802 313 4993
Oluwasegun BakareHead, Investor Relations
E: oluwasegun.Bakare@buafoodsplc.com
M: +234 708 826 3652
BUA Foods Investor Relations: IR@buafoodsplc.comDefinition 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 expandingwith 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.