BUA Foods Plc has announced its results for the period ended 30 September 2022. The result shows year on year growth in the Groups revenue and profit after tax.
A turnover of N289.82 billion was reported for the 9 months period, up by 20.22% from N241.079 billion reported the previous year. This was due to a year on year increase of 17.0% in Sugar to N180.9 billion from N154.7 billion in Q3 2021.
Profit after tax grew by 17.17% to N68.761 billion from N58.685 billion reported the previous year. This is occasioned by a lower effective tax rate of 7.4% as against the tax rate of 7.73% in Q3 2021.
Earnings per Share (EPS) grew by 17.17% to N3.82 in Q3 2022 from the EPS of N3.26 in the corresponding period.
At the share price of N55.9, the P/E ratio of BUA Foods stands at 14.63x with earnings yield of 6.83%.
Commenting on the results, Engr. Ayodele Abioye, the Managing Director of BUA Foods Plc stated thus:
“We continue to navigate the high input cost environment to deliver double digit growth within the period. We grew revenue by 20.2%, profit before tax by 16.9% and earnings per share by 17.2%.
We are making progress with the recommencement of the rice business before year end 2022 to further diversify our revenue base. In addition, we are making progress with the backward integration plans for the sugar business and our capacity expansion plans for the flour, rice, and pasta divisions.”