BUA Foods Plc reported pre-tax profit of N480.52 billion for the 9 months ended September 2026, up 11.08% from N432.58 billion a 12 months earlier.
This is as decrease manufacturing and working prices offset weaker income.
Third-quarter pre-tax profit stood at N165.64 billion, up 2.80% from N161.12 billion in Q2 2026 and up 5.86% from N156.47 billion in Q3 2025.
Key Highlights
For the 9 months ended September 2026:
- Revenue: N1.15 trillion (Down 19.35% YoY from N1.42 trillion).
- Gross profit: N552.90 billion (Up 6.19% YoY from N520.65 billion).
- Operating profit: N492.50 billion (Up 12.55% YoY from N437.58 billion).
- Pre-tax profit: N480.52 billion (Up 11.08% YoY from N432.58 billion).
- Profit after tax: N450.47 billion (Up 11.15% YoY from N405.27 billion).
- Earnings per share: N25.03 (Up 11.15% YoY from N22.52).
For Q3 alone:
- Revenue: N380.72 billion (Down 25.09% YoY from N508.22 billion).
- Gross profit: N189.66 billion (Up 4.60% YoY from N181.32 billion).
- Operating profit: N171.97 billion (Up 12.58% YoY from N152.76 billion).
- Pre-tax profit: N165.64 billion (Up 5.86% YoY from N156.47 billion).
- Profit after tax: N158.20 billion (Up 8.95% YoY from N145.20 billion).
Balance-sheet comparisons are towards December 2025:
- Total borrowings, together with overdrafts and excluding lease liabilities: N315.22 billion (Down 19.52% from N391.69 billion).
- Total belongings: N1.36 trillion (Down 1.83% from N1.39 trillion).
- Cash and short-term deposits: N132.99 billion (Up 135.94% from N56.36 billion).
Managing Director Ayodele Abioye attributed the income decline to softer pricing and subdued client demand, whereas figuring out cost optimisation, improved productiveness and operational self-discipline as assist for profitability.
Driving the numbers
BUA Foods’ earnings progress got here primarily from improved margins.
- Nine-month cost of gross sales fell by 34% to N592.94 billion, outpacing the decline in income. Management attributed the discount to decrease raw-material and vitality prices, alongside exchange-rate stability.
- The reported gross margin consequently elevated to 48.3% from 36.7%.
- Sugar generated N495.1 billion in income, down 17%, and accounted for 43% of group gross sales.
- Flour income declined by 30% to N415.1 billion, contributing 36%. Management linked sugar’s efficiency to aggressive pricing initiatives and flour’s decline to softer demand.
Pasta offered a partial offset, with income rising by 32% to N198.1 billion as demand and gross sales volumes improved. Its contribution margin rose to 43% from 37%.
- Pasta represented roughly 17.3% of disclosed group income, though the discharge experiences an 18% contribution.
- Rice income fell by 53% to N37.5 billion, accounting for roughly 3% of gross sales.
Operating bills declined by 20% to N66.99 billion, supported by decrease logistics and administrative prices. Other earnings additionally elevated to N6.59 billion from N587.40 million.
However, web finance prices rose by 146% to N11.98 billion. Gross finance prices elevated to N12.96 billion from N11.91 billion, whereas finance earnings dropped to N985.68 million from N7.05 billion.
Market response
BUA Foods closed unchanged at N706.60 and its share worth was additionally flat over the previous month.
The inventory trades at 27.6 instances earnings, with a acknowledged market capitalisation of N13.69 trillion, putting it among the many trade’s most dear firms.
