In the face of challenging economic conditions, BUA Foods has demonstrated resilience and sustained growth, reporting a remarkable 23% increase in profit after tax to N112.1 billion for the fiscal year ending December 31, 2023.
The company's financial statement, disclosed on the Nigerian Exchange, revealed a robust performance with a substantial 74% surge in turnover, reaching N729.4 billion, while gross profit soared by an impressive 96% to N260 billion.
Engr. (Dr.) Ayodele Abioye, the Managing Director, attributed the company's success to its unique strategic business model, which enabled it to navigate the turbulent operating environment effectively. He emphasized the company's commitment to driving shareholder value, highlighting its strong, diversified, and scalable food business.
Abioye elaborated on the expansion efforts across various fronts, emphasizing the company's ambition to establish itself as a leading food brand across the continent. He emphasized the company's focus on enhancing efficiency through its integrated supply chain system, leveraging economies of scale to meet the growing demands of customers while expanding its market presence.
Looking forward, BUA Foods remains steadfast in its commitment to unlocking opportunities for sustained business growth in 2024. Abioye emphasized the company's dedication to creating long-term value for all stakeholders while staying true to its core mission of nourishing lives.
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