WorldStage Newsonline– BUA Foods sustains growth performance amidst headwinds as profit after tax grew by 23% to N112.1 billion for the year ended December 31, 2023.
The result released a the Nigerian Exchange showed that turnover grew by 74% to N729.4 billion while gross profit increased by 96% to N260 billion.
Commenting on the results, Engr. (Dr.) Ayodele Abioye, the Managing Director, said: “2023 witnessed a very challenging operating environment characterized by macroeconomic headwinds. We were able to navigate these challenges leveraging our unique strategic business model to deliver a strong performance as top line grew by as much as 74%, with gross profit leaping by 96% while total assets increased significantly. This is a reaffirmation of our commitment to drive shareholder value underpinned by our unique capabilities as a strong, diversified and scalable food business.
“Expansion efforts across all frontiers continues to crystallize in supporting growth as we accelerate our strategy to become a leading food brand on the continent.
“We continue to drive efficiency through our integrated supply chain system by leveraging economies of scale in alignment with market expansion efforts towards fulfilling the increasing demand of customers.
“Looking ahead, we remain committed to unlocking opportunities for sustained and improved business performance while being confident in our strategic plans for the year 2024. Creating long-term value for all stakeholders is an imperative, even as we stay true to our creed of nourishing lives.”
