BUA FOODS PLC RESULTS FOR QUARTER 3, 2021
BUA Foods Plc (BUAFOODS) announced revenue of NGN79.7 billion for the first nine months of the 2021 fiscal year, up from NGN74.6 billion revenue in the corresponding period of the previous year. A 7.2% increase in the cost of sales resulted in a marginal fall in gross profit margin to 28.4%. The operating profit margin was 26.7%, up from 25.4% achieved a year ago. Year-to-date- growth in total assets and shareholders' fund were NGN18.7 billion and NGN16.6 billion respectively.
- Non-Fortified sugar sales driving revenue growth
The sale of non-fortified sugar jumped by 152.6% year-over-year to NGN57.5 billion. Revenue from fortified sugar fell by 57.6% at the end of the 3rd quarter of 2021. Total revenue, as a result, dropped 6.8 percentage points. Molasses brought in a revenue of NGN221.7 million compared to NGN94.1 million made last year.
- High debt level
Total debt of NGN130.1 billion amounted to 80.6% of total equity and 35.4% of total assets. Short-term debt was NGN125 billion or 96.1% of total debt.
ABOUT BUA FOODS PLC
BUAFOODS was formed from the consolidation of the food businesses of the BUA Group in 2021. It became a quoted company in 2022. BUAFOODS produces pasta, flour and sugar. The company intends to add rice and edible oils to its product portfolio soon. READ THE FULL REPORT ON BUA FOODS PLC HERE