BUA Foods Plc RC 621320
Contents
1 - 8
Statement of Significant Accounting Policies
9
Statement of Profit or Loss and Other Comprehensive Income (3 months)
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Statement of Cash Flows
13-17
Notes to the Financial Statements
https://www.buafoodsplc.com
NOTE 1
Statement of Significant Accounting Policies
The following are the significant accounting policies adopted by the company in the preparation of its Financial Statements.
Basis of Preparation
These Financial Statements have been prepared in compliance with IAS 34 Interim Financial Reporting and relevant International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (the IASB).
These Financial Statements were prepared under the historical cost convention.
The principal accounting policies applied in the presentation of the Financial Statements are set out below. These policies have been applied to all the periods presented except for the adoption of new accounting policies.
Revenue
Revenue is measured at fair value of the consideration received or receivable net of value added tax, excise duties returns, customers discounts and other sales related discounts.
Revenue from the sale of products is recognised in profit or loss when the contract has been approved by both parties, rights have been clearly identified, payment terms have been defined, the contract has commercial substance and collectibility has been ascertained as probable. Collectibility of customers payment is ascertained from the customers historical records, guarantees provided, and advance payments made if any.
The five steps recognition process for revenue is listed below:
identify the contract with a customer
identify the performance obligation in the contract
determine the transaction price
allocate the price to the performance obligation
recognise revenue
Cost of Goods Sold
These are the cost of internally produced goods sold. The cost of internally produced goods include directly attributable costs such as the cost of direct materials, direct labour, and energy costs, as well as production overheads, including depreciation of production facilities.
The cost of goods sold includes write-downs of inventories where necessary.
Statement of Significant Accounting Policies contd.
Selling and Distribution Expenses
Comprises the cost of marketing, cost of organising the sales process and distribution.
Foreign Currency
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the company operates ('the functional currency'). The functional currency and presentation currency of the Company is the Nigerian Naira (=N=).
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from settlement of foreign currency transactions and from the translation of exchange rates of monetary assets and liabilities denominated in currencies other than the Company's functional currency are recognised in the foreign exchange gain or loss in profit or loss.
Financial Instruments
Financial instruments represent the Company's financial assets and liabilities. Financial assets and financial liabilities are recognized in the Company's statement of financial position when the Company becomes a party to the contractual provisions of the instrument. These instruments are typically held for liquidity, investment, trading or hedging purposes. All financial instruments are initially recognized at fair value plus directly attributable transaction cost except those carried at fair value through profit or loss where transaction cost are recognized immediately in profit or loss.
Financial instruments are recognized (derecognized) on the date the Company commits to purchase (sell) the instruments (trade date accounting).
Financial assets include trade and other receivables, cash and bank balances and certain other assets. Financial liabilities include term loans, bank overdraft, trade and certain other liabilities. The Company classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. The Company's has not classified any of its financial assets as held to maturity.
Subsequent measurement
Subsequent to initial measurement, financial instruments are measured either at fair value or amortised cost, depending on their classifications below. The company's accounting policy for each category is as follows:
Trade and Other Receivables
These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers, but also incorporate other types of contractual monetary assets. They are initially recognized at fair value plus transaction costs that are directly attributable
Statement of Significant Accounting Policies contd.
to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty of default or significant delay in payment) that the Company will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For trade receivables, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the statement of comprehensive income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
Cash and Cash Equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash.
Impairment of Financial Assets carried at Amortised Cost
The Company assesses at each reporting date whether there is objective evidence that trade and other receivables are impaired. Trade and other receivable is impaired if objective evidence indicates that a loss event has occurred after initial recognition and that loss event has a negative effect on the estimated future cash flows of the receivables that can be estimated reliably.
Criteria that are used by the Company in determining whether there is objective evidence of impairment include:
known cash flow difficulties experienced by the customer;
a breach of contract, such as default or delinquency in repayment for goods and service;
breach of credit terms or conditions and;
it is becoming probable that the customer will enter bankruptcy or other financial reorganisation.
Financial liabilities
These include the following items:
Bank borrowings
Bank borrowings are initially recognized at fair value, net of any transaction costs incurred. Borrowings are subsequently carried at amortised costs; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the profit or loss over the period of the borrowings using the effective interest method.
Statement of Significant Accounting Policies contd.
General and specific borrowing costs directly attributable to acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in the profit or loss in the period in which they are incurred.
Trade payables and other short-term monetary liabilities
These are initially recognized at fair value and subsequently carried at amortised cost using the effective interest method.
Fair value
Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties in an arm's-length transaction. The best evidence of the fair value of a financial instrument on initial recognition is the transaction price, i.e. the fair value of the consideration paid or received, unless the fair value is evidenced either by comparison with other observable current market transactions in the same instrument, without modification or repackaging or based on valuation techniques such as discounted cash flow models and option pricing models whose variables include only data from observable markets. When such valuation models with only observable market data as inputs or the comparison with other observable current market transactions in the same instrument indicate that the fair value differs from the transaction price, the initial difference will be recognised in the profit or loss immediately.
The Company does not have any financial instruments (derivatives, etc.) that warrant such valuation method.
Derecognition of financial instruments
Financial assets are derecognized when the contractual rights to receive cash flows from the financial assets have expired or where the company has transferred its contractual rights to receive cash flows on the financial asset such that it has transferred substantially all the risks and rewards of ownership of the financial asset. Any interest in transferred financial assets that is created or retained by the Company is recognized as a separate asset.
Financial liabilities are derecognized when they are extinguished, i.e. when the obligation is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same party on substantially different terms, or the terms of an an existing financial liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the recognition of a new liability, with the difference in the respective carrying amounts being recognized in profit or loss.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and
there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right is not contigent on future events and is enforceable in the normal course of business, and in event of default, insolvency or bankruptcy of the Company or counterparty.
Statement of Significant Accounting Policies contd.
Retirement Benefits
The Company operates two pension schemes for its employees: Defined Contribution Scheme and Defined Benefit Scheme. The defined pension contribution plan is based on a
percentage of pensionable earnings funded through contributions from the Company (10%) and employees (8%). The fund is administered by the Pension Fund's administrators. Contributions to this plan are recognised as an expense in the profit or loss in the periods during which services are rendered by employees.
Defined benefit schemes also referred to as employee end of service gratuities are regarded as post-employment benefits.
Current Taxation
The tax for the period comprises current, education and deferred taxes. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred Taxation
Deferred tax is recognized where the carrying amount of an asset or liability in the statement of financial position differs from its tax base. Recognition of deferred tax is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilized. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities / (assets) are settled / (recovered).
Property, Plant and Equipment
All property, plant and equipment are stated at historical cost less depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate only when it is probable that future economic benefits associated with the item to the Company and the cost can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecoginised when replaced. All other repairs and maintenance cost are charged to the profit or loss during the financial period in which they are incurred.
Statement of Significant Accounting Policies contd.
Capital work in progress are not depreciated. Depreciation of assets commences when assets are available for use. Depreciation on other assets are calculated using straight line method over their expected useful economic lives as follows:
Useful life (years)
Buildings 30 - 50
Land Not depreciable
Furniture and Fittings 5
Plant and Machinery 7 - 50
Computer and Office Equipments 5
Trucks 5
Motor vehicles 8
Construction Work in Progress Nil
These assets residual values and useful lives are reviewed and adjusted if appropriate at end of the reporting year.
Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the estimated selling price in the ordinary
course of business less cost to sell and value in use. Impairment losses and reversal of previously recognised impairment losses are recognised within administrative expenses in profit or loss.
An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefit are expected from its use or disposal. Gains or losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised within other income or other expenses-net in profit or loss.
Inventories
Inventories are stated at the lower of cost and net realizable value after providing for any obsolescence and damages determined by the management. Costs are those expenses incurred in bringing each product to its present location and condition which are computed as follows:
Raw materials, spare parts and consumables: Actual costs include transportation, handling charges and other related costs.
Work in progress and finished goods: Cost of direct materials, direct labour and other direct cost plus attributable overheads based on standard costing.
Finished Goods: Direct cost plus all production overheads.
Statement of Significant Accounting Policies contd.
Inventories are initially recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated cost to sell.
Allowance is made for excessive, obsolete and slow moving items. Write-downs to net realizable value and inventory losses are expensed in the period in which the write-downs or losses occur.
Related Party Disclosures
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties include:
Entities over which the Company exercises significant influence.
Shareholders and key management personnel of the Company
Close family members of key management personnel
Post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company.
Key management personnel comprise the Board of Directors and key members of the management having authority and responsibility for planning, directing and controlling the activities of the Company. The Company enters into transactions with related parties on an arm's length basis. Prices for transactions with related parties are determined using the current market price or admissible valuation method.
Basic Earnings Per Share
Basic earnings per share is calculated by dividing the net profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding at the statement of financial position date.
Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that the Company will be required to settle that obligation and the amount has been reliably estimated.
Borrowing Costs Capitalized
Borrowing costs that relate to qualifying assets, i.e. assets that necessarily take a substantial period of time to get ready for their intended use or sale and which are not measured at fair value, are capitalized. All other borrowing costs are recognized in profit or loss.
Statement of Significant Accounting Policies contd.
Right of Use of Asset
Right of use asset are initially measured at cost comprising of the following:
the amount of the initial measurement of lease liability
any lease payments made at or before the commencement date, less any lease incentives received.
any initial direct costs, and
restoration costs.
The Right of Use and lease liability are presented separately from other non-lease assets and liability in the statement of financial position.
Leases
The Company primarily leases building used as offices and warehouse. The lease terms are typically for fixed periods ranging from 1 year to 2 years but may have extension options as described below. On renewal of lease, the terms may be renegotiated.
Contracts may contain both lease and non-lease components. The Company has elected not to separate lease and non-lease components and instead accounts them as a single lease component. Lease terms are negotiated on an individual basis and contain different terms and conditions including extension and termination options. The lease agreement do not impose any covenants; however, leased assets may not be used as security for borrowing purposes.
Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief operating decision maker. The Chief operating decision maker who is responsible for allocating resources and assessing performance of the operating segments has been identified as BUA Foods Plc leadership team which comprises of the Board of Directors and other executive officers.
Comparative Figures
Where necessary, comparative figures with notes have been restated to conform to changes in presentation in the current year.
Statement of Profit or Loss and Other Comprehensive Income for The Three Months Ended 31st March, 2026Unaudited | Unaudited | Unaudited | Unaudited | ||
YTD 31ST | YTD 31ST | YTD 31ST | YTD 31ST | ||
MAR 2026 | MAR 2025 | MAR 2026 | MAR 2025 | ||
Notes | Group | Group | Company | Company | |
N'000 | N'000 | N'000 | N'000 | ||
Turnover | 1 | 394,619,792 | 442,064,828 | 300,047,701 | 322,416,343 |
Cost of Sales | 2 | (218,971,198) | (281,158,084) | (179,771,996) | (220,223,374) |
Gross Profit | 175,648,594 | 160,906,744 | 120,275,705 | 102,192,969 | |
Administrative expenses | 4a | (5,821,242) | (11,314,854) | (4,838,759) | (9,350,447) |
Selling & distribution expenses | 4b | (15,766,523) | (11,077,929) | (12,367,696) | (8,325,340) |
Other income | 3 | 596,288 | 415,002 | 1,260,990 | 967,243 |
Operating Profit | 154,657,117 | 138,928,964 | 104,330,240 | 85,484,425 | |
Finance Income | 144,206 | 741,795 | 144,206 | 741,795 | |
Finance Costs | 3b | (1,044,034) | (3,768,441) | (1,006,072) | (3,449,570) |
Finance (Costs) Income - net | (899,828) | (3,026,646) | (861,866) | (2,707,775) | |
Foreign Exchange (Loss) Gain | - | 485,661 | - | 485,661 | |
Profit Before Tax | 153,757,289 | 136,387,979 | 103,468,374 | 83,262,312 | |
Income Tax Expenses | (11,440,683) | (11,106,957) | (11,440,683) | (11,106,957) | |
Net Profit After Tax | 142,316,606 | 125,281,022 | 92,027,691 | 72,155,355 | |
EPS | 7.91 | 6.96 | 5.11 | 4.01 | |
Unaudited Audited Unaudited Audited
YTD 31ST MAR 2026
YTD 31ST DEC 2025
YTD 31ST MAR 2026
YTD 31ST DEC 2025
Notes Assets Non-Current Assets Property, Plant and Equipments 5 Right of Use Assets 6 Investment in Subsidiaries | Group Group | Company Company |
N'000 N'000 396,171,911 394,305,505 95,925 97,940 - - | N'000 N'000 277,666,655 277,253,982 95,924 97,940 407,670 407,670 | |
Total Non-Current Assets | 396,267,836 394,403,445 | 278,170,250 277,759,592 |
Current Assets Inventories 7 Trade and other receivables 8 Due from Related Companies Cash and Short Term Deposits 9 | 73,305,831 81,384,529 85,183,092 101,889,303 947,417,145 753,752,372 53,507,426 56,364,120 | 64,733,930 55,895,290 120,967,607 135,440,858 886,375,104 1,284,375,912 53,426,968 56,328,237 |
Total Current Assets | 1,159,413,494 993,390,324 | 1,125,503,609 1,532,040,297 |
Total Assets Liabilities and Equity Equity Share Capital 10 Reorganisation and other reserves Retained Earnings | 1,555,681,330 1,387,793,769 | 1,403,673,858 1,809,799,889 |
9,000,000 9,000,000 (943,228) (943,228) 847,704,458 705,387,853 | 9,000,000 9,000,000 391,961 391,961 772,107,942 680,080,252 | |
Total Equity | 855,761,230 713,444,625 | 781,499,903 689,472,213 |
Liabilities Non-current liabilities Deferred Tax Liabilities Borrowings Lease Liabilities Government Grants | 1,378,820 1,975,071 40,144 40,144 93,151 95,663 1,875 1,875 | 1,378,820 1,975,071 40,144 40,144 93,151 95,663 1,875 1,876 |
Total Non-Current Liabilities | 1,513,990 2,112,753 | 1,513,990 2,112,754 |
Current Liabilities Contract Liabilities Current Income Tax Liabilities Lease Liabilities Bank Overdraft 9 Borrowings 11 Due to Related Companies Trade and Other Payables 12 Government Grants | 89,933,779 82,413,116 66,945,727 54,908,793 19,222 16,726 23,171,625 25,702,364 362,020,103 365,944,579 - - 156,293,086 143,228,244 22,569 22,569 | 89,933,779 82,413,116 66,945,727 54,908,793 19,222 16,726 23,171,625 25,702,364 362,020,103 365,944,579 - 516,120,300 78,546,940 73,086,475 22,569 22,569 |
Total Current Liabilities | 698,406,110 672,236,391 | 620,659,965 1,118,214,922 |
Total Liabilities Total Liabilities and Equity | 699,920,100 674,349,144 | 622,173,955 1,120,327,676 |
1,555,681,330 1,387,793,769 | 1,403,673,858 1,809,799,889 | |
The financial statements and notes on pages 9 to 17 were approved by the Board of Directors on 29th April, 2026 and signed on its behalf by:
Abdul Samad Rabiu CFR, CON Chairman FRC/2014/IODN/00000010111
Ayodele Abioye
Managing Director FRC/2022/PRO/FORM/C07/003/00000023864
Mr. Michael Ehimah
Ag. Chief Finance Officer FRC/2025/PRO/ICAN/002/682397
Statement Of Cash Flows for The Three Months Ended 31st March, 2026Unaudited Unaudited Unaudited Unaudited
YTD 31ST MAR 2026
YTD 31ST MAR 2025
YTD 31ST MAR 2026
YTD 31ST MAR 2025
Group | Group | Company | Company | |
Cash Flows From Operating Activities | N'000 | N'000 | N'000 | N'000 |
Profit for the period Adjustments for: | 153,757,289 | 136,387,979 | 103,468,374 | 83,262,312 |
Depreciation of Property, Plant and Equipments | 2,472,574 | 2,448,082 | 2,395,392 | 2,366,512 |
Depreciation of right of use | 2,016 | 5,789 | 2,015 | 5,789 |
Foreign Exchange (Gain) Loss | 544,139 | (485,661) | 540,203 | (485,661) |
Finance Income | (144,206) | (741,795) | (144,206) | (741,795) |
Interest on borrowings | 107,516 | 3,555,139 | 73,490 | 3,236,267 |
Interest on Lease Liabilities | 4,725 | 7,651 | 4,724 | 7,651 |
Interest expense on bank overdraft | 387,654 | 205,651 | 387,654 | 205,651 |
Sub Total | 157,131,707 | 141,382,835 | 106,727,648 | 87,856,725 |
Changes in contract Liabilities | 11,165,594 | (66,645,721) | 11,165,594 | (66,645,721) |
Changes in receivables from customers | 12,491,132 | (2,243,898) | 12,480,938 | (2,256,759) |
Changes in due from related companies | (193,308,995) | (50,562,566) | (120,025,051) | 41,418,654 |
Changes in inventory | 8,078,698 | (1,090,950) | (8,838,639) | (33,677,525) |
Changes in payable to suppliers | 12,889,045 | 8,463,207 | 5,327,172 | 317,132 |
Changes in lease liabilities | 2,495 | (224,999) | 2,496 | 3,281 |
Sub Total | (148,682,031) | (112,304,927) | (99,887,491) | (60,840,938) |
Cash from operating activities | 8,449,676 | 29,077,908 | 6,840,157 | 27,015,788 |
Cash flows from investing activities | ||||
Acquisition / Disposal of property, plant and equipment | (4,338,981) | (2,546,480) | (2,808,063) | (816,747) |
Interest received | 144,206 | 741,795 | 144,206 | 741,795 |
Net Cash used in investing activities | (4,194,774) | (1,804,685) | (2,663,857) | (74,952) |
Cash flows from financing activities | ||||
Repayment of borrowings | (4,468,615) | (30,523,329) | (4,468,615) | (30,523,329) |
Interest paid | (107,516) | (3,760,790) | (73,490) | (3,441,919) |
Lease liability payment | (4,725) | (7,651) | (4,724) | (7,651) |
Net Cash from financing activities | (4,580,856) | (34,291,769) | (4,546,830) | (33,972,898) |
Net increase/(decrease) in cash and cash equivalents | (325,954) | (7,018,546) | (370,530) | (7,032,063) |
Cash and cash equivalents at the beginning of the period | 30,661,755 | 31,308,743 | 30,625,873 | 31,273,565 |
Cash and cash equivalents at the end of the period | 30,335,801 | 24,290,197 | 30,255,343 | 24,241,502 |
Group
Share Capital Retained Earnings
Reorganization & Other Reserves
Total Equity
N'000 | N'000 | N'000 | N'000 | |
Balance as at 1st January, 2026 | 9,000,000 | 705,387,853 | (943,228) | 713,444,625 |
Profit for the period Balance as at 31st March, 2026 | - | 142,316,606 | - | 142,316,606 |
9,000,000 | 847,704,459 | (943,228) | 855,761,230 | |
Balance as at 1st January, 2025 | 9,000,000 | 420,999,873 | (943,228) | 429,056,645 |
Profit for the period Balance as at 31st March, 2025 Company | - | 125,281,022 | - | 125,281,022 |
9,000,000 | 546,280,895 | (943,228) | 554,337,667 | |
Balance as at 1st January, 2026 | 9,000,000 | 680,080,252 | 391,961 | 689,472,213 |
Profit for the period Balance as at 31st March, 2026 | - | 92,027,691 | - | 92,027,691 |
9,000,000 | 772,107,943 | 391,961 | 781,499,903 | |
Balance as at 1st January, 2025 | 9,000,000 | 414,019,714 | 391,961 | 423,411,675 |
Profit for the period Balance as at 31st March, 2025 | - | 72,155,355 | - | 72,155,355 |
9,000,000 | 486,175,069 | 391,961 | 495,567,030 | |
Notes to The Unaudited Financial Statements
for The Three Months Ended 31st March, 20256
Unaudited | Unaudited | Unaudited | Unaudited | |
YTD 31ST MAR 2026 | YTD 31ST MAR 2025 | YTD 31ST MAR 2026 | YTD 31ST MAR 2025 | |
Group | Group | Company | Company | |
1. Net Revenue | N'000 | N'000 | N'000 | N'000 |
Sales - Sugar (Non Fortified) | 34,459,177 | 45,155,708 | 21,463,961 | 24,946,966 |
Sales - Sugar (Fortified) | 136,919,774 | 165,850,607 | 55,486,714 | 66,574,957 |
Sales - Molasses | 351,256 | 339,163 | 207,442 | 175,070 |
Sales - Bakery Flour | 128,003,889 | 163,247,777 | 128,003,889 | 163,247,777 |
Sales - Pasta | 70,595,614 | 41,517,084 | 70,595,614 | 41,517,084 |
Sales - Wheat Bran | 8,849,558 | 10,125,057 | 8,849,558 | 10,125,057 |
Sales - Semolina | 562,030 | 471,972 | 562,030 | 471,972 |
Sales - Maize | - | 2,335,450 | - | 2,335,450 |
Sales - Head Rice | 14,775,515 | 11,920,810 | 14,775,515 | 11,920,810 |
Sales - Raw Paddy | - | 1,070,000 | - | 1,070,000 |
Sales - Rice Bran | 102,979 | 31,201 | 102,979 | 31,201 |
Total | 394,619,792 | 442,064,828 | 300,047,701 | 322,416,343 |
2. Cost of Sales | ||||
Raw Materials | 194,132,601 | 259,707,383 | 160,874,716 | 204,583,838 |
Energy | 15,117,916 | 15,289,546 | 10,699,396 | 10,312,694 |
Depreciation | 2,272,631 | 2,258,702 | 2,272,630 | 2,258,702 |
Other Factory Expenses | 4,656,116 | 3,902,454 | 3,802,416 | 3,068,141 |
Management Fee | 2,791,935 | - | 2,122,837 | - |
Total | 218,971,198 | 281,158,084 | 179,771,996 | 220,223,374 |
3. Other Income | ||||
Scrap | 494,317 | 361,099 | 494,103 | 356,250 |
Lease Rental | 0 | - | 715,501 | 608,280 |
Sundry Income | 89,179 | 53,903 | 38,594 | 2,713 |
Foreign exchange gain | 12,792 | - | 12,792 | - |
Total | 596,288 | 415,003 | 1,260,990 | 967,243 |
3b. Net Finance Cost | ||||
Interest on loans | 107,516 | 3,555,139 | 73,490 | 3,236,267.20 |
Interest on overdraft | 387,654 | 205,651 | 387,654 | 205,651 |
Interest on lease liabilities | 4,725 | 7,651 | 4,724 | 7,651 |
Foreign Exchange Loss | 544,139 | - | 540,203 | - |
Total | 1,044,034 | 3,768,441 | 1,006,072 | 3,449,570 |
4a. Components of Administration Expenses | ||||
Salaries, Wages & Benefit | 1,531,662 | 1,048,609 | 1,038,123 | 656,568 |
Transport and Travelling | 244,368 | 204,584 | 238,202 | 202,647 |
Medical | 17,448 | 35,483 | 15,787 | 33,635 |
Expartriate expenses | 98,047 | 139,777 | 94,316 | 102,779 |
Entertainment | 8,212 | 21,364 | 5,149 | 10,580 |
Staff Welfare & Training | 47,042 | 45,249 | 46,925 | 40,361 |
Terminal Benefits | 575 | - | 575 | - |
Electricity | 12,101 | 6,676 | 8,824 | 5,458 |
Printing & Stationeries | 45,982 | 69,324 | 40,040 | 61,743 |
Rent, Rate & Insurance | 132,847 | 69,855 | 111,705 | 33,703 |
Office Maintenance | 45,999 | 127,387 | 44,532 | 94,916 |
Donations | 749,055 | 340,972 | 738,468 | 312,918 |
Telephone & Internet | 3,229 | 2,457 | 2,884 | 2,444 |
Subscription | 93,419 | 114,014 | 92,643 | 112,847 |
Legal & Professional | 124,763 | 225,878 | 17,546 | 111,300 |
Postages & Courier | 5,811 | 1,052 | 4,963 | 425 |
Management Fee | - | 3,112,940 | - | 2,266,427 |
General Expenses | 461,510 | 3,373,004 | 408,474 | 3,183,468 |
Security Expenses | 119,526 | 106,744 | 61,120 | 59,866 |
Diesel & Fuel | 214,712 | 205,160 | 169,546 | 153,695 |
Advertisement | 377,218 | 18,756 | 376,984 | 2,168 |
Cleaning & Water | 186,944 | 134,868 | 125,555 | 97,479 |
Hotel, Accomodation, Event space etc | 20,128 | 14,644 | 16,699 | 13,039 |
Bank Charges | 154,067 | 298,022 | 153,986 | 297,774 |
Maintenance & Repair | 924,617 | 1,406,278 | 900,937 | 1,384,023 |
Depreciation | 201,959 | 191,757 | 124,777 | 110,186 |
Total | 5,821,242 | 11,314,854 | 4,838,759 | 9,350,447 |
4b. Selling and Distribution Expenses | ||||
Selling & Distribution Expenses | 15,766,523 | 11,077,929 | 12,367,696 | 8,325,340 |
Notes to the Unaudited Financial Statements for
The Three Months Ended 31st March, 2026Land & Building | Plant & Machinery | Furniture & Fittings | Motor Vehicle | Trucks | Office Equipment | Bearer Plant | CWIP | Total |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
5a. Property, Plant & Equipments (Group)
Cost
16,068,905 69,976 | 241,133,665 61,690 | 906,208 39,613 | 1,247,399 - | 2,097,662 - | 1,129,467 51,551 | 1,620,778 75,476 | 205,115,290 4,040,674 | 469,319,374 4,338,981 | ||
Balance as at January 1, 2026 | ||||||||||
Addition | ||||||||||
Balance as at March 31, 2026 | 16,138,881 | 241,195,355 | 945,821 | 1,247,399 | 2,097,662 | 1,181,018 | 1,696,254 | 209,155,964 | 473,658,355 | |
Balance as at January 1, 2025 | 13,563,130 | 239,112,812 | 637,766 | 1,149,733 | 2,097,662 | 908,518 | 1,279,074 | 186,445,876 | 445,194,571 | |
Addition | 2,497,775 | 1,319,481 | 260,492 | 140,656 | - | 215,056 | 341,704 | 19,402,839 | 24,178,003 | |
Transfer | 8,000 | 701,372 | 7,950 | - | - | 5,893 | - | (723,215) | - | |
Disposals | - | - | - | (42,990) | - | - | - | (10,210) | (53,200) | |
Balance at December 31, 2025 | 16,068,905 | 241,133,665 | 906,208 | 1,247,399 | 2,097,662 | 1,129,467 | 1,620,778 | 205,115,290 | 469,319,374 | |
Accumulated Depreciation
2,950,427 84,821 | 67,836,885 2,254,578 | 496,303 79,318 | 891,110 18,491 | 2,097,662 - | 741,483 35,366 | - - | - - | 75,013,870 2,472,574 | ||
Balance as at January 1, 2026 | ||||||||||
Charge of the period | ||||||||||
Balance as at March 31, 2026 | 3,035,248 | 70,091,463 | 575,621 | 909,601 | 2,097,662 | 776,849 | - | - | 77,486,444 | |
Balance as at January 1, 2025 | 2,672,717 | 58,655,503 | 379,666 | 798,084 | 2,097,662 | 643,845 | - | - | 65,247,477 | |
Charge for the period | 277,710 | 9,181,382 | 105,974 | 93,026 | - | 108,301 | - | - | 9,766,393 | |
Reclassification | - | - | 10,663 | - | - | (10,663) | - | - | - | |
Balance as at December 31, 2025 | 2,950,427 | 67,836,885 | 496,303 | 891,110 | 2,097,662 | 741,483 | - | - | 75,013,870 | |
Net Book Value | |||||||||
Balance as at March 31, 2025 | 13,103,633 | 171,103,892 | 370,200 | 337,798 | 404,169 | 1,696,254 | 209,155,964 | 396,171,911 | |
Balance at December 31, 2025 | 13,118,478 | 173,296,780 | 409,905 | 356,289 | - | 387,984 | 1,620,778 | 205,115,290 | 394,305,505 |
Land & Building | Plant & Machinery | Furniture & Fittings | Motor Vehicle | Trucks | Office Equipment | Bearer Plant | CWIP | Total |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
5b. Property, Plant & Equipments (Company)
Cost
12,874,900 69,976 | 239,653,555 61,690 | 642,418 36,988 | 843,316 - | 2,097,662 - | 489,769 41,668 | - - | 93,721,069 2,597,740 | 350,322,689 2,808,063 | ||
Balance as at January 1, 2026 | ||||||||||
Addition | ||||||||||
Balance as at March 31, 2026 | 12,944,876 | 239,715,245 | 679,406 | 843,316 | 2,097,662 | 531,437 | 96,318,809 | 353,130,752 | ||
Balance as at January 1, 2025 | 12,516,792 | 237,634,902 | 406,767 | 789,240 | 2,097,662 | 319,015 | - | 89,776,888 | 343,541,266 | |
Addition | 350,108 | 1,317,281 | 221,808 | 54,076 | - | 170,754 | - | 4,667,396 | 6,781,423 | |
Transfer | 8,000 | 701,372 | 13,843 | - | - | - | - | (723,215) | - | |
Balance at December 31, 2025 | 12,874,900 | 239,653,555 | 642,418 | 843,316 | 2,097,662 | 489,769 | - | 93,721,069 | 350,322,689 | |
Accumulated Depreciation
Balance as at January 1, 2026 | 2,910,123 | 66,786,114 | 291,889 | 702,465 | 2,097,662 | 280,451 | - - | 73,068,704 |
Charge for the period | 67,239 | 2,274,179 | 24,650 | 8,979 | - | 20,345 | - - | 2,395,392 |
Balance as at March 31, 2026 | 2,977,362 | 69,060,293 | 316,539 | 711,444 | 2,097,662 | 300,796 | - - | 75,464,096 |
Balance as at January 1, 2025 | 2,638,314 | 57,682,992 | 211,090 | 650,096 | 2,097,662 | 218,213 | - - | 63,498,367 |
Charge for the period | 271,809 | 9,103,122 | 80,799 | 52,369 | - | 62,238 | - - | 9,570,337 |
Balance as at December 31, 2025 | 2,910,123 | 66,786,114 | 291,889 | 702,465 | 2,097,662 | 280,451 | - - | 73,068,704 |
Net Book Value | ||||||||
Balance as at March 31, 2026 | 9,967,514 | 170,654,953 | 362,867 | 131,872 | - | 230,641 | - 96,318,809 | 277,666,655 |
Balance as at December 31, 2025 | 9,964,777 | 172,867,441 | 350,529 | 140,851 | - | 209,318 | - 93,721,069 | 277,253,982 |
Revaluation of Property, Plant and Equipment
14
No recent revaluation has been done by the company. The Directors are of the opinion that the carrying value of property, Plant & equipment approximate its fair value.
Notes to the Unaudited Financial Statements for The Three Months Ended 31st March, 2026
Unaudited Audited
Unaudited
Audited
YTD 31ST MAR 2026
Rights of Use Asset Building leases Accumulated Depreciation of ROU | N'000 | N'000 | N'000 | N'000 |
Group | Group | Company | Company | |
120,319 (24,394-) | 209,662 (111,722-) | 120,319 (24,394-) | 209,662 (111,722-) | |
Balance at end of period | 95,925 | 97,940 | 95,924 | 97,940 |
Inventories | ||||
Raw Materials | 34,195,783 | 32,728,252 | 33,356,355 | 26,543,848 |
Work In Progress | 7,239,241 | 2,246,453 | 7,197,268 | 2,178,113 |
Finished Goods | 26,364,768 | 25,634,748 | 20,269,453 | 22,136,508 |
Packaging, Energy & Consumables | 5,506,039 | 6,624,586 | 3,910,855 | 3,759,810 |
Goods in Transit | - | 14,150,490 | - | 1,277,011 |
73,305,831 81,384,529 | 64,733,930 | 55,895,290 | ||
There is no amount of write-down of inventories recognised as an expense during the period. | ||||
None of the inventories of the Company were pledged as security for loans as at the reporting date. | ||||
Trade and Other Receivables | ||||
Prepayments | 14,177,684 | 29,132,813 | 14,022,670 | 64,951,796 |
Trade Debtors | 7,488,555 | 8,265,594 | 7,488,555 | 8,265,594 |
Other Receivables | 63,516,854 85,183,092 | 64,490,896 101,889,303 | 99,456,382 120,967,607 | 62,223,468 135,440,858 |
All amounts are short-term. The net carrying value of trade receivables is considered a reasonable approximation of fair value. | ||||
Cash and Short Term Deposits | ||||
Cash in Hand | 1,773 | 136,480 | 1,594 | 136,127 |
Cash at Bank | 53,505,653 | 56,227,640 | 53,425,374 | 56,192,110 |
Short Term Investment | - | - | - | - |
53,507,426 56,364,120 | 53,426,968 | 56,328,237 | ||
Short-term deposits are made for varying periods between one day and three months depending on the immediate cash requirements of the Company, and earn interest at the respective short-term deposit rates. | ||||
The Company has not pledged part of its short-term deposits in order to fulfil collateral requirements with any Banks. Cash and Bank equivalent is exclusive of overdraft balance. | ||||
For the purpose of the statement of cash flow, cash and cash equivalents comprise the following as at: | ||||
Cash in Hand | 1,773 | 136,480 | 1,594 | 136,127 |
Cash at Bank | 53,505,653 | 56,227,640 | 53,425,374 | 56,192,110 |
Overdraft | (23,171,625) | (25,702,364) | (23,171,625) | (25,702,364) |
30,335,801 30,661,756 | 30,255,343 | 30,625,873 | ||
6.
YTD 31ST DEC 2025
YTD 31ST MAR 2026
YTD 31ST DEC 2025
7.
8.
9.
Notes to the Unaudited Financial Statements for Three Months Ended 31st March, 2026
Unaudited | Audited | Unaudited | Audited | |||
YTD 31ST MAR 2026 | YTD 31ST DEC 2025 | YTD 31ST MAR 2026 | YTD 31ST DEC 2025 | |||
N'000 | N'000 | N'000 | N'000 | |||
10. | Share Capital | Group | Group | Company | Company | |
Authorised and Issued | ||||||
18,000,000,000 Ordinary shares of N0.50k each | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | ||
11a. | Borrowings | |||||
Non-Current Borrowings Bank borrowings | 40,144 | 40,144 | 40,144 | 40,144 | ||
Current | ||||||
Short term Import finance facilities | 361,229,048 | 365,002,935 | 361,229,048 | 365,002,935 | ||
Bank borrowings | 791,055 | 941,644 | 791,055 | 941,644 | ||
Total Borrowings | 362,060,247 | 365,984,723 | 362,060,247 | 365,984,723 | ||
11b. | Movement in borrowings are analysed as Follows: | ||||
Opening amount as at 1st February, 2026 | 365,984,723 | 391,856,934 | 365,984,723 | 391,856,934 | |
Additional drawdowns in the year | - | 68,770,772 | - | 68,770,772 | |
Principal repayments | (4,468,615) | (199,231,027) | (4,468,615) | (199,231,027) | |
Interest expenses | 107,516 | 40,506,427 | 73,490 | 40,506,427 | |
Foreign Exchange (gain) loss on translation of borrowings | 486,001 | 90,909,669 | 486,001 | 90,909,669 | |
Foreign Exchange loss absorbed by related parties | 58,138 | (1,373,195) | 58,138 | (1,373,195) | |
Interest paid | (107,516) | (25,454,856) | (73,490) | (25,454,856) | |
Total Borrowings | 362,060,247 | 365,984,723 | 362,060,247 | 365,984,723 | |
11c. | Net Debt Comprises: | ||||
Cash and cash equivalents | (53,507,426) | (56,364,120) | (53,426,968) | (56,328,237) | |
Borrowings - current | 362,020,103 | 365,944,579 | 362,020,103 | 365,944,579 | |
Borrowings - non-current | 40,144 | 40,144 | 40,144 | 40,144 | |
Borrowings - overdraft | 23,171,625 | 25,702,364 | 23,171,625 | 25,702,364 | |
Net debt | 331,724,446 | 335,322,967 | 331,804,905 | 335,358,850 | |
12. | Trade and Other Payables | ||||
Provisions and Accruals | 864,241 | 235,250 | 812,529 | 191,038 | |
Other Payables | 20,026 | 555,829 | 20,019 | 548,323 | |
Trade Creditors | 15,823,874 | 17,625,663 | 13,831,003 | 16,363,993 | |
Withholding/Value Added Tax Payables | 139,584,945 | 124,811,502 | 63,883,389 | 55,983,121 | |
Total | 156,293,086 | 143,228,244 | 78,546,940 | 73,086,475 | |
Notes to the Unaudited Financial Statements for The Three Months Ended 31st March, 2026
13. SHAREHOLDING STRUCTURE/FREE FLOAT DECLARATION
Description
Percentage
Units
31st March, 2026
Issued Share Capital | 18,000,000,000 | 100% |
Details of Substantial Shareholdings (5% and Above) | ||
Abdulsamad Rabiu CFR, CON; Direct Holdings | 16,172,601,967 | 89.85% |
Total Substantial Shareholdings | 16,172,601,967 | 89.85% |
Directors' Shareholdings (direct and indirect), excluding directors with substantial interest | ||
Abdulsamad Rabiu CFR, CON; (Indirect - Representing BUA Industries Limited) | 500,485,433 | 2.78% |
Ayodele Abioye | 250,000 | 0.00% |
Kabiru Rabiu | 1,401,654 | 0.01% |
Chimaobi Kenneth Madukwe | 548,235 | 0.00% |
Finn Arnoldsen | 250,000 | 0.00% |
Rashid Ur Imran | - | - |
Yemisi Lowo Adesola | - | - |
Total Directors' Shareholdings | 502,935,322 | 2.79% |
Other Influential Shareholdings | ||
Rabiu Abdulsamad Isyaku | 473,628,201 | 2.63% |
Total Other Influential Shareholdings | 473,628,201 | 2.63% |
Free Float Units and Percentage | 850,834,510 | 4.73% |
Free Float in Value Close Price on NGX as at 31 March, 2026 = ₦798 | ||
₦678,965,938,980 | ||
Description
BUA Foods Plc with a free float value of ₦678,965,938,980 as at 31 March, 2026 is compliant with the Nigerian Exchange Group's "The NGX" free float requirements for companies on the Main Board.
3RD FLOOR, BUA TOWERS, PC 32 CHURCHGATE STREET, VICTORIA ISLAND, LAGOS
+234 (1) 461 0669 - 70 INFO@BUAFOODSPLC.COM https://WWW.BUAFOODSPLC.COM