Bua Foods has said its revenue rose by 20.2 per cent to N289.8bn as of the end of the first nine months of 2022.

Despite the challenges in the economy, the fast-moving consumer goods company’s revenue rose from N221.7bn recorded in the corresponding period of 2021 as shown in its unaudited financial result for September 2022.

According to a statement, the impressive result was due to17.0 per cent year-on-year improvement in revenue from sugar to N180.9bn as of 30 September 2022, from N154.7bn in the corresponding year of 2021.

Revenue from flour also increased by 37 per cent to N66.2bn as of September 2022 from N48.1bn in the corresponding period of 2021; Pasta’s revenue surged by12.0 per cent per cent to N42.7 on 30 September 2022 ending against N38.2bn in the corresponding period of 2021.

While speaking on the results, the Managing Director, Bua Foods, Ayodele Abioye, said, “We continue to navigate the high input cost environment to deliver double-digit growth within the period. We grew revenue by 20.2 per cent, profit before tax by 16.9 per cent, and earnings per share by 17.2 per cent.

“We are making progress with the recommencement of the rice business before the year-end of 2022 to diversify our revenue base further.

“In addition, we are progressing with the backward integration plans for the sugar business and our capacity expansion plans for the flour, rice, and pasta divisions.”