BUA Foods Plc grew Profit After Tax (PAT) by 101% year-on-year to ₦405.27 billion in the first nine months of the year, from ₦201.39 billion reported in the corresponding period of 2024.
The unaudited 9M 2025 results released to the Nigerian Exchange Limited (NGX) show continued revenue expansion, margin improvement, and operational efficiency across business segments, positioning the company among Nigeria’s best-performing consumer goods manufacturers.
Revenue and Profitability Growth
BUA Foods’ revenue rose 33% to ₦1.42 trillion from ₦1.07 trillion recorded in 9M 2024, driven by sustained volume growth across its food categories and strategic market expansion.
Gross profit grew significantly by 56% to ₦520.65 billion, compared to ₦333.82 billion in the previous year, reflecting improved operating efficiency and favorable pricing dynamics.
The company’s gross profit margin strengthened by 570 basis points, from 31% in 2024 to 36.7% in 2025.
Despite a 91% increase in total operating expenses to ₦83.65 billion, BUA Foods delivered a 39% rise in operating profit to ₦437.58 billion, compared to ₦315.13 billion in the same period last year.
The operating profit margin improved by 180 basis points, reaching 30.8% in 2025 from 29% in 2024.
Finance costs declined sharply by 57.8% to ₦4.86 billion from ₦11.51 billion, reflecting improved debt management and reduced interest expenses.
Consequently, profit before tax (PBT) doubled to ₦432.58 billion, representing a 100.6% increase over ₦215.66 billion recorded in 2024.
The PBT margin rose by 1,050 basis points to 30.5%, while the return on equity (ROE) expanded to 68% from 47%, and return on assets (ROA) grew to 33% from 18%.
Strong Balance Sheet and Earnings Performance
BUA Foods reported a 13% growth in total assets to ₦1.24 trillion, up from ₦1.10 trillion in the prior year, reflecting increased investment in production capacity and distribution infrastructure.
Total equity rose by 40% to ₦600.33 billion, supported by retained earnings and consistent profitability.
Earnings per share (EPS) stood at 22.52 kobo, representing a 101% year-on-year increase compared to 11.19 kobo in 9M 2024. Total liabilities declined slightly by 3.6% to ₦642.20 billion, demonstrating improved leverage and capital efficiency.
Management Commentary
Commenting on the results, Ayodele Abioye, Managing Director of BUA Foods Plc, said the performance underscores the company’s resilience, operational efficiency, and ability to thrive amid macroeconomic headwinds.
“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,” Abioye stated.
He added that the company remains focused on deepening end-to-end value chain integration, optimizing its supply chain, and delivering consistent value to stakeholders.
“We remain focused on executing our strategic priorities, deepening integration across the value chain, and harnessing the expertise of our Board and employees to sustain long-term value creation,” he added.
Operational Efficiency and Outlook
The company’s ability to sustain growth amid cost pressures demonstrates strong operational discipline and strategic market positioning. With robust consumer demand across key categories—flour, sugar, pasta, and rice—BUA Foods continues to leverage economies of scale to maintain margin stability.
Analysts note that BUA Foods’ consistent performance aligns with the Federal Government’s ongoing reforms aimed at stabilizing the business environment and improving domestic production competitiveness.
Looking ahead, the company is expected to consolidate its leadership position in Nigeria’s fast-moving consumer goods sector by expanding production capacity, enhancing distribution, and exploring export opportunities.
Summary Table – BUA Foods Plc 9M 2025 Unaudited Results
| Metric (₦ ‘000) | 9M 2025 | 9M 2024 | % Change |
|---|---|---|---|
| Revenue | 1,420,734,893 | 1,070,796,471 | +33% |
| Gross Profit | 520,647,816 | 333,820,703 | +56% |
| Operating Profit | 437,581,798 | 315,126,274 | +39% |
| Profit Before Tax | 432,579,212 | 215,656,583 | +100.6% |
| Profit After Tax | 405,271,316 | 201,389,141 | +101% |
| Total Assets | 1,242,527,662 | 1,095,504,241 | +13% |
| Total Equity | 600,327,961 | 429,056,645 | +40% |
| Return on Equity | 68% | 47% | +2100bps |
| Earnings Per Share (kobo) | 22.52 | 11.19 | +101% |
Outlook
BUA Foods remains well-positioned to sustain growth momentum through 2025, supported by a robust balance sheet, cost discipline, and continuous investments in capacity expansion. With improving economic reforms and stable demand in core product segments, the company expects to maintain strong earnings growth and shareholder value creation.