Cost gulps 67.5% of BUA Foods’ turnover in 2022

BUA Foods’ turnover grew by 25.3 per cent between January to December 2022, with the company’s profit after tax rising by 29.5 per cent.

The food producer revealed in its Unaudited Financial Statements for the year ended 2022 that it grossed N84.54 billion more than the N333.27 billion turnover recorded a year before.

This means within the 12-month period, BUA Foods’ revenue grew by 25.3 per cent year-on-year, closing 2022 with N417.81 billion.

Despite the growth recorded in revenue, 67.5 per cent was gulped by expenses, as cost of production rose by 22.5 per cent during the same period.

According to the financial statements BUA provided its shareholders on Monday, the company said cost of sales grew to N282.31 billion last year.

Read also:NGX: BUA Foods, UBA among top gainers as market cap rises by N187.6bn

The company spent N51.99 billion more to have its products available in the market, considering expenses gulped N230.31 billion year-to-December 2021.

However, BUA Foods managed to squeeze out profit from its bottom line, closing 2022 with N90.40 billion profit after tax.

The financial statements disclosed that net profit grew faster than turnover and cost of production, rising 29.5 per cent year-on-year when the N90.40 billion is compared to N69.76 billion bottom line recorded in 2021.

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