BUA Foods’ nine-month profit rises to N21.25bn

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bua-groupBUA Foods Plc has reported an operating profit of N21.25bn for the nine months ended September 30, 2021, up from N18.96bn in the same period a year earlier.

The company, which was listed on the Nigerian Exchange Limited early this month, said on Tuesday that its net profit rose to N16.56bn in the period under review from N15.53bn in 2020.

Its revenue increased to N79.69bn from N74.59bn, according to its unaudited financial statements obtained from the NGX.

The management of BUA Foods was hosted to a closing gong ceremony on the main floor of the NGX on Tuesday after addressing market stakeholders with a virtual fact behind the listing presentation.

The company said in a statement that it had since the listing received significant acceptance, going by the volume of demand for the shares which it said had boosted the market capitalisation of the NGX by over N1tn.

The Chairman, BUA Group Plc, Abdulsamad Rabiu, said the company was determined to explore the huge opportunities available in the agribusiness to promote food security and growth for Nigerians and Africans.

Represented by Group Executive Director, BUA Foods, Alhaji Kabiru Rabiu, he said, “Today, for us, is very historic and we are excited to begin the year with the listing. The population of Nigeria is over 200 million and our food production capacity is still not enough to meet current demands. However, with the listing of our food business on the NGX, there is high hope for Nigeria in terms of building capacity for food sufficiency.

“As a country, we have agricultural resources coupled with human capital to harness needed raw materials to produce what we need for our consumption, and develop our nation. We are positioning our brand to take advantage of export opportunities through our strategically located plants from which foreign exchange can be generated both for the company and economy.”

The acting Managing Director, BUA Foods, Mr Ayodele Abioye, said, “Our fast-paced and strategic investments in the food industry positions us to capture growth opportunities within the sector, create headroom ahead of demand, generate sustainable employment while promoting national food security.

“Additionally, as a business we will continue to create sustainable value for our consumers and stakeholders.”

The Chief Executive Officer, NGX, Mr Temi Popoola, was quoted as saying the listing marked a new beginning for BUA Foods, saying the company could leverage services the Exchange offers to achieve its strategic objectives.

He said, “BUA Foods has experienced an upward trend in share price, market capitalisation, and trading activity since its listing on the Exchange. At NGX, this milestone transaction is in line with our strategic objectives to improve listings and enhance investors’ participation in our market.

“As a multi-asset Exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa, and the world.”


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