EARNINGS
RELEASE
9M 2025 UNAUDiTED
EARNINGS PRESS RELEASE
Regulated Information
BUA Foods Maintains Growth Momentum Profit After Tax up by 101% to ₦405 BillionLagos, 3rd November 2025 - BUA Foods Plc ("BUA Foods", or "the Company") announced its results for the unaudited 9M financials for the period ended 30 September 2025.
Key Financial HighlightsGroup % Change | |||
In thousands of naira | 9M 2025 | 9M 2024 | Δ |
Revenue | 1,420,734,893 | 1,070,796,471 | 33% |
Cost of Sales | 900,087,077 | 736,975,768 | 22% |
Gross Profit | 520,647,816 | 333,820,703 | 56% |
Gross Profit Margin (%) | 36.7% | 31% | 570bps |
Selling and distribution expenses | (53,219,539) | (29,317,193) | 82% |
Administrative expenses | (30,433,880) | (14,545,179) | 109% |
Total operating expenses | (83,653,419) | (43,862,372) | 91% |
Other income | 587,400 | 25,167,944 | -98% |
Operating Profit | 437,581,798 | 315,126,274 | 39% |
Opex to Income margin Operating profit margin | 6% 30.8% | 4% 29% | 200bps 180bps |
Finance cost - net | (4,863,438) | (11,509,053) | 57.8% |
Profit before income tax | 432,579,212 | 215,656,583 | 100.6% |
PBT Margin (%) | 30.5% | 20% | 1050bps |
Income Taxes | 27,307,896 | 14,267,442 | 91.4% |
Profit for the period | 405,271,316 | 201,389,141 | 101% |
Earnings Per share (Kobo) | 22.52 | 11.19 | 101% |
Return on Equity (%) | 68% | 47% | 2100bps |
Return on Assets (%) | 33% | 18% | 1500bps |
Total assets | 1,242,527,662 | 1,095,504,241 | 13% |
Total equity | 600,327,961 | 429,056,645 | 40% |
Total liabilities | 642,199,700 | 666,447,596 | -3.6% |
Commenting on the results, Ayodele Abioye, the Managing Director, said:
"BUA Foods has once again demonstrated resilience and strategic agility. Our 9M 2025 performance, highlighted by a strong double-digit revenue growth and a 101% year-on-year increase in profit after tax to ₦405 billion, underscores a sustained growth trajectory supported by ongoing economic reforms and a progressively more stable business environment.
Amid an improving operating backdrop, we delivered another solid quarter of progress. We remain focused on executing our strategic priorities, deepening end-to-end integration across the value chain and harnessing the expertise and commitment of our Board and employees, to sustain value creation. We are particularly grateful to all our stakeholders, supply-chain partners and, most importantly, our customers for their continued trust and support.''
Key Highlights of Group performance and financial review of 9M 2025 unaudited results.
Revenue (₦'Billion) PBT (₦'Billion)+33%
1070
1420
+101%
216
433
Total Assets (₦'Billion) EPS (₦:K)
+13%
1096
1243
+101%
11.19
22.52
Driving Double-Digit Top Line Growth
Revenue grew by 33% to ₦1.42 trillion in 9M 2025 (9M 2024: ₦1.07 trillion). This was due to an increase in all our reporting segments: 10% in Sugar to ₦599.2 billion (9M 2024: ₦544.4 billion), 52% in Flour to ₦591.5 billion (9M 2024: ₦389.9 billion), 12% in Pasta to ₦150.5 billion (9M 2024:
₦134.8 billion), and 4884% in Rice to ₦79.5 billion (9M 2024: ₦1.6 billion).
Cost of sales increased by 22% to ₦900.09 billion in 9M 2025 (9M 2024: ₦736.97 billion) driven primarily by an increase in raw materials and energy cost.
Gross profit increased by 56% to ₦520.65 billion in 9M 2025 (9M 2024: ₦333.82 billion). In alignment with the increase, grossprofit margin also appreciated by 570bps to 36.7% in 9M 2025 (9M 2024: 31%).
Delivering operational excellenceOperating profit grew by 39% to ₦437.58 billion in 9M 2025 (9M 2024: ₦315.12 billion) benefiting from top line growth driven by strategic pricing policies. Also, Operating profit margin increased by 180bps to 30.8% in 9M 2025 (9M 2024: 29%).
Finance Cost (Net) dropped by 57.8% to ₦4.86 billion in 9M 2025 (9M 2024: ₦11.50 billion) due to non-additional borrowing within the reporting period.
Robust Growth Yields Exceptional Shareholder ValueProfit before tax increased significantly by 101% to ₦432.57 billion in 9M 2025 (9M 2024: ₦215.65 billion). In alignment, profit before tax margin appreciated by 1050bps to 30.5% in 9M 2025 (9M 2024: 20%).
Profit after tax grew by 101% to ₦405.27 billion in 9M 2025 (9M 2024: ₦201.38 billion), while the Earnings per Share (EPS) grew by 101% to N22.52 in 9M 2025 from N11.19 in the corresponding period.
Sustaining Financial Strength through a Healthy Balance SheetTotal assets increased by 13% to ₦1.242 trillion as of 9M 2025 (FY 2024: ₦1.096 trillion) driven largely by trade transactions and production capacity expansions.
Total liabilities decreased by 3.6% to ₦642.1 billion as of 9M 2025 (FY 2024: ₦666.4 billion).
Total equity increased by 40% to ₦600.32 billion as of 9M 2025 (FY 2024: ₦429.06 billion) largely driven by a significant growth of 41% in retained earnings to ₦592.2 billion as of 9M 2025 (9M 2024:
₦420.9 billion).
Operating segment performance
Sugar division
The Sugar division contributed 42% to revenue in 9M 2025 (9M 2024: 51%). Sugar revenue grew by 10% to ₦599.2 billion in 9M 2025 (9M 2024: ₦544.4 billion). The increase in revenue is due majorly to increased sales volume within the period.
Flour division
The Flour division also contributed 42% to revenue in 9M 2025 (9M 2024: 36%). Revenue increased by 52% to ₦591.5 billion in 9M 2025 (9M 2024: ₦389.9 billion). The growth in revenue is due both to increased volume and improved product mix. The contribution margin dropped marginally to 31% from 32% for the same period last year.
Pasta division
The Pasta division contributed 10% to revenue in 9M 2025 (9M 2024: 13%). Revenue increased by 12% to ₦150.5 billion in 9M 2025 (9M 2024: ₦134.8 billion). The increase in sales revenue is due to increased market demand for our Pasta products during the period under review. Contribution margin increased to 37% from 32% for the same period last year.
Rice division
The Rice division contributed 6% to the revenue in 9M 2025. Revenue increased to ₦79.5 billion in 9M 2025 (9M 2024: ₦1.59 billion).
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.