BUA Foods Plc (NGX: BUAFOODS) has reported a 101% increase in profit after tax for the nine months ended September 30, 2025, amid 33% rise in revenue.
According to the financial statements released by the company, significant growth was recorded across all major financial indicators.
Income Statement
BUA Foods’ revenue rose by 33% to ₦1.42 trillion in Q3 2025, compared to ₦1.07 trillion in the same period of 2024. The growth was driven by increased sales across all business segments — sugar, flour, pasta, and rice. The flour segment recorded the highest growth of 52%, contributing ₦591.5 billion to total revenue, while sugar brought in ₦599.2 billion, pasta ₦150.5 billion, and rice ₦79.5 billion.
The company’s cost of sales increased by 22% to ₦900.09 billion. Despite this, gross profit jumped by 56% to ₦520.65 billion (Q3 2024: ₦333.82 billion), leading to an improvement in gross profit margin from 31% to 36.7%.
Total operating expenses rose sharply by 91% to ₦83.65 billion. Personnel-related costs were a key component of the rise in administrative expenses, which more than doubled to ₦30.43 billion from ₦14.55 billion.
Despite higher expenses, operating profit climbed by 39% to ₦437.58 billion, supported by strong revenue growth. Operating profit margin improved slightly to 30.8%, compared to 29% a year earlier.
Net finance costs dropped by 58% to ₦4.86 billion, as the company avoided new borrowings during the period.
Consequently, profit before tax doubled by 101% to ₦432.58 billion, up from ₦215.66 billion in Q3 2024.
After a tax expense of ₦27.31 billion, profit after tax also grew by 101% to ₦405.27 billion (Q3 2024: ₦201.39 billion).
The earnings per share (EPS) surged to ₦22.52, compared to ₦11.19 in the prior year.
Balance Sheet
BUA Foods’ total assets rose by 13% to ₦1.24 trillion, from ₦1.10 trillion in December 2024, driven largely by expansion in trade transactions and production capacity.
Major components of the assets
- Property, Plant & Equipment (PPE): ≈ ₦ 520 billion
- Inventories: ≈ ₦ 280 billion
- Trade and Other Receivables: ≈ ₦ 180 billion
- Cash and Cash Equivalents: ≈ ₦ 150 billion
Total liabilities declined slightly by 3.6% to ₦642.20 billion, down from ₦666.45 billion in the previous year, signifying improved debt management and stronger cash generation.
Major components of the liabilities
- Trade and Other Payables: ≈ ₦ 340 billion
- Borrowings: ≈ ₦ 140 billion
- Tax Liabilities (current and deferred): ≈ ₦ 60 billion
Shareholders’ equity increased by 40% to ₦600.33 billion, from ₦429.06 billion, supported by a 41% rise in retained earnings to ₦592.20 billion.
The equity price closed at N692.5 on floor of the Nigerian Exchange on Monday.
Commenting on the results, Ayodele Abioye, the Managing Director, said: “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. Amid an improving operating backdrop, we delivered another solid quarter of progress. We remain focused on executing our strategic priorities, deepening end-to-end integration across the value chain and harnessing the expertise and commitment of our Board and employees, to sustain value creation. We are particularly grateful to all our stakeholders, supply-chain partners and, most importantly, our customers for their continued trust and support.’’
About BUA Foods Plc
BUA Foods Plc (NGX: BUAFOODS) is a leading food business with well diversified and scalable operations producing sugar, flour, pasta, rice and edible oils. The Company owns strategically located plants across Nigeria, in addition to a cordial alliance with local stakeholders in host communities.
Additionally, BUA Foods is a resilient business built on a strong brand proposition and is an operator that has a wellknown reputation for delivering high-quality products. BUA Foods continues to invest in modern technology for efficient food production, innovatively expanding with strategic partners across the value chain. The Company is also well positioned to leverage significant export potentials across West Africa and the larger African continent.
Headquartered and listed in Nigeria, BUA Foods is one of the most capitalized companies on the NGX Exchange and a leading consumer goods firm by market value.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
