News in brief:
– BUA Foods has been the top-performing food company in Nigeria in 2024, with a stock price increase of over 100%.
– It posted significant revenue and profit growth, driven by increased sales volumes and innovative product development.
Among the publicly traded food companies in Nigeria, BUA Foods has shown the best performance in 2024 after the first 10 months.
According to data gathered by this publication, the Food and Fast-moving Consumer Goods (FMCG) company stock was over 100% more valuable in the last week of October than in January. It continues its impressive run after posting 92% appreciation in the first of the year, as this insight shows.
In BUA Foods’ unaudited financial reports for the first nine months of 2024, it turned a revenue of ₦1.07 trillion, which represents a 104% increment on the ₦524.42 billion it posted last year. Its gross profit was 82% higher (₦333.8 billion) while its profit after tax surged by 91% (₦201.38).
The company’s sugar sales were up by 73% in the period under consideration and compared to 2023, while its pasta sales were 131% higher and flour sales were 160% better. However, it too suffered from increased operating expenses like its competitors with the value rising by 56%.
BUA Foods recorded a total 11% growth in aggregate volume, which is impressive as the increasing food insecurity situation of the country should typically translate to reduced sales volumes and purchasing power falls.
Engr. (Dr.) Ayodele Abioye, the managing director, praised the team’s strategy, innovative product development, and steadfast commitment to quality for the remarkable growth trajectory.
