Despite the numerous political and economic headwinds that kick start the year, BUA Foods Plc recorded strong performance with a Profit After Tax (PAT) growth of 77.1% to N40.5 Billion for the First Quarter 2023.
All other performance indicators were sustained at double digits growth even as earnings per share increased by 77% relative to same quarter in 2022.
A turnover of N144.318 billion for the 3 months period, up by 60.23% from N90.067 billion reported the previous year.
Profit after tax grew year on year by 77.15% to N40.469 billion from N22.844 reported in Q1 2022.
Earnings per share of BUA Foods stands at N2.25, up by 77.15% from the EPS of N1.27 achieved the previous year.
At the share price of N114, the P/E ratio of BUA Foods stands at 50.71x with earnings yield 1.97%.
Commenting on the results, Engr. Ayodele Abioye, the Managing Director, said:
“BUA Foods Plc continue to deliver strong performance across key financial metrics despite the business climate headwinds characterized in Q1 by the economic impact of the general elections, high food inflation and shortage of cash in circulation following the currency redesign policy. We continue to leverage our unique strategic business model to minimize the impact. We are committed to remain the most profitable business in our sector while creating long term values for our stakeholders as we expand our frontiers”.