Lagos, Feb. 3, 2025 – BUA Foods recorded N188.7 billion foreign exchange loss in 2024.
This is contained in the company’s statement filed on the Nigerian Exchange Limited.
The company attributed the foreign exchange loss to the volatility in the foreign exchange market.
In spite of the loss, it still recorded profit after tax of N274.95 billion in 2024, a 145.3 per cent increase of the figure recorded in 2023.to.
Its gross profit also grew by 107.9 per cent to N541.71 billion.
Its gross revenue rose to N1.53 trillion in 2024 from N729.4 billion in 2023, a growth of 109.3 per cent.
Abdul Samad Rabiu, its chairman, attributed the company’s growth to its commitment to innovation, operational efficiency, and market expansion.
“BUA Foods growth in 2024 is a testament to our long-term vision of ensuring food security in Africa. We have continued to invest in capacity expansion, optimize our supply chain, and enhance operational efficiencies to meet the growing demand in the market.
“Moving forward, we will focus on sustainable growth, strengthening our market leadership, and delivering superior value to our customers and stakeholders,” he said.
Ayodele Abioye, the Managing Director, expressed satisfaction with the company’s performance during the year.
“We are pleased to report another year of exceptional performance despite the challenges posed,” he said. (GBN)
