BUA Foods has announced a 142.24 per cent growth in its profit after tax, which stood at N95.2bn at the end of June 2023 compared to N39.3bn as of the same period in 2022.
It disclosed this in a statement on its earnings on Tuesday.
The firm, which deals in the production of sugar, flour, pasta, rice and edible oils said, “Profit After Tax grew by 142 per cent to N95.2bn in H1, 2023 (H1, 2022: N39.3bn), while the earning per share grew by 142.6 per cent to N5.29 in H1, 2023 from N2.18 in the corresponding period.”
BUA Foods’ revenue grew by 90.63 per cent year-on-year to N320.9bn in H1, 2023 (H1, 2022: N168.8bn).
The group attributed the increase to a year-on-year rise of 80 per cent in the sugar segment of its business to N196.5bn (H1, 2022: N109.1bn); 154 per cent in flour to N86bn (H1 2022: N33.9bn); and 47 per cent in Pasta to N37.9bn (H1, 2022: N25.8bn).