Business
BUA Foods reports 24% revenue growth as Q1 profit hits N125bn
BUA Foods Plc has announced its unaudited financial results for the first quarter of 2025, demonstrating robust growth across key financial indicators.
The company recorded a revenue growth of 24 per cent to N442.1bn in Q1 2025, up from N356.9bn in the corresponding period of 2024.
The performance was driven by increases in revenue from Flour, which soared 145 per cent to N176.2bn, Pasta rose 12 per cent to N41.5bn, and Rice recorded a 1617 per cent to N13.02bn.
Sugar revenue, however, saw a slight 11 per cent quarter-on-quarter decrease to N211.3bn (Q1 2024: N238.2 billion).
BUA Foods, in a statement on Thursday, said it also reported a gross profit of N160.91bn in Q1 2025, a 39 per cent increase compared to N115.42bn in Q1 2024.
This growth led to an improved gross profit margin of 36.4 per cent, a 406 basis point increase from 32.3 per cent in the prior quarter.
Total operating expenses for the period increased by 56 per cent to N22.39bn (Q1 2024: N14.37 billion), due to increases in selling and distribution expenses, which rose 13 per cent to N11.08bn driven by logistics costs, and administrative expenses up 147% to N11.32bn.
Despite the increase in operating expenses, BUA Foods achieved a 124% in profit after tax to N125.28bn in Q1 2025, compared to N55.82bn in Q1 2024.
Consequently, Earnings per Share also saw a significant increase of 125% to N6.96 from N3.10 in the corresponding period.
The company’s total equities stood strong at N554.34bn as of Q1 2025, representing a 29.2% increase from N429.06bn in FY 2024.
This growth was mainly driven by a 30 per cent increase in retained earnings.
Commenting on the results, the Managing Director, BUA Foods, Dr Ayodele Abioye, said, “We are pleased to begin 2025 on a strong note, as our business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape.
Despite operating in a high-cost environment, our proactive supply chain measures and improved internal efficiencies enabled us to sustain strong operational momentum.”
“Revenue increased by 24%, while Net Profit leaped by 124% to N125Billion further re-affirming our position as a leading food business on the Nigerian Exchange Limited.
Our ongoing investments in production capacity, product/package innovation and route-to-market development continue to impact our results positively, enabling fulfilment of customer and consumer demand.”
“As we look ahead, we remain focused on deepening our market penetration and accelerating innovation to meet changing consumer needs.
With a stabilizing economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025.”
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,422 Sell ₦1,428
GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,910
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.7
8EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1370.00
GBP / NGN ₦1803.95 ₦1871.77
EUR / NGN ₦1537.93 ₦1601.81
ZAR / NGN ₦82.28 ₦86.99
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,364.90
GREAT BRITISH POUND (GBP) ₦1,842.61
EURO (EUR) ₦1,575..50
SWISS FRANC (CHF) ₦1,684.02
JAPANESE YEN (JPN) ₦8.57
CHINESE YUAN (CNY) ₦202.34
WEST AFRICAN CFA (XOF) ₦2. 40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.53SAUDI RIYAL (SAR) ₦363..60
SOUTH AFRICAN RAND (ZAR) ₦84.31
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,423 Sell ₦1,428
Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,600 Sell ₦1,620
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦190 Sell ₦205
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
Central African CFA Buy ₦2,150 Sell 2,250
Australian Dollar Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.78
EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN₦1350.00 ₦1370.00
GBP / NGN ₦1800.68 ₦1868.46
EUR / NGN ₦1539.16 ₦1603.07
ZAR / NGN ₦82.44 ₦87.16
Official CBN Exchange Rates
US Dollar (USD) ₦1,360. 14
Great British Pound (GBP) ₦1,838.50
EURO (EUR) ₦1,571. 10
Swiss Franc (CHF) ₦1,680.85
Japanese Yen (JPN) ₦8.56
Chinese Yuan (CNY) ₦201.61
West African CFA (XOF) ₦2. 40
West African Union Account (WAUA) ₦1,864.27
Saudi Riyal (SAR) ₦362.22
South African Rand (ZAR) ₦84.07
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
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