This achievement comes just over a year after the company's listing on the Nigerian Exchange as one of the 21 publicly traded consumer goods companies. It's noteworthy that Nigeria's second richest individual holds 89.85% direct shareholdings in BUA Foods.
In the first half of 2023, BUA Foods Plc recorded a remarkable net profit after tax of N95.18 billion. This impressive figure reflects a substantial 142.21% increase compared to the N39.30 billion reported during the same period in 2022. The disclosure of these outstanding financial results was made through BUA's latest financial report published on the Nigerian Exchange.
This significant performance during H1 2023 has propelled BUA Foods to surpass Nestle Nigeria as the leader in the consumer goods category.
Among the 21 consumer goods companies listed on the Nigerian Exchange are well-known entities such as Cadbury Nigeria, Dangote Sugar Refinery, Flour Mills Nigeria, Golden Guinea Breweries, Guinness Nigeria, Honeywell Flour Mill, and more.
It's important to highlight that BUA Foods' exceptional net profit of N95.18 billion during the first half of the year greatly surpasses the profits of other companies in the same category.
For instance, Vitafoam recorded a net profit of N3.69 billion in H1 2023, while Flour Mills of Nigeria achieved N10.18 billion. PZ Cussons Nigeria's net profit stood at N15.35 billion, Dangote Sugar reported N12.80 billion over a three-month period, and NASCO's profit reached N5.82 billion.
BUA Foods operates with five distinct business divisions, which contribute to its group earnings: Sugar, Flour, Pasta, Rice, and Edible Oil.
Additionally, the company boasts eight plants and holds the status of being the second-largest sugar refinery in Nigeria. This impressive performance solidifies BUA Foods' position as a major player in the consumer goods sector, reflecting its commitment to delivering remarkable results.