BUA Foods announces 16.9% growth in profit before tax to N24.8bn in Q1 

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By Philemon Adedeji

BUA foods has announced a 16.9 per cent increase in profit before tax for unaudited financial statement for the period ended 31st March, 2022 , announcing growth in profit before tax which rose significantly from N21.25 billion in the first quarter of 2021 to N24.8bn in the first quarter of 2022.

The unaudited financial statement for the first quarter ended 31st March, 2022 released on the platform of Nigerian Exchange Limited (NGX) reveals 18.6 per cent increase in profit after tax to N22.8 billion in 2022 from N19.260 billion in first quarter of 2021.

BUA Foods in first quarter of 2021 declared 28.3 per cent growth of Net revenue which moved from N70.2 billion in the first quarter of 2021 to N90.066 billion in the first quarter of 2022

The group,thus,declared 15 per cent increase in gross profit from N24.641 billion in three months of 2021 to 28.330 billion in three months of 2022, while operating profit grow 16.1 per cent to N26.494 billion in first quarter of 2022 from N22.812 billion in the first quarter of 2021.

However, earnings per share recorded during the period grew by 18.7 per cent to 1.27 kobo in the first quarter of 2022 from 1.07 kobo in the first quarter of 2021.

In the unaudited financial statement announced by the group, the group recorded total assets and total liabilities which increased further.the total assets recorded by the group for the period appreciated by 4.4 per cent to N619.7 billion in the first quarter of 2022 to N593.4 billion in first quarter of 2021 unaudited results and account for the period ended March 31, 2021.

As total current assets gained 9.6 per cent to N296.2 billion in first quarter of 2021, from  N270.2 billion in first quarter of 2021 ,total non-current assets appreciated by 0.1 per cent to N323.5 billion in three months of 2022 from N323.2 billion in three months of 2021.

Meanwhile, total liabilities grew by 0.9 to 396.1 billion in 2022 from N392.7 billion in 2021. As current liabilities increased by 1.0 per cent to N343.7 billion in first quarter of 2022 from N340.3 billion in first quarter of 2021, while non-current liabilities shows no improvement,which from N52.3 billion in first quarter of 2021 to N52.3 billion in first quarter of 2022.