BUA Foods Plc has posted one of its strongest performances yet, announcing a 101% year-on-year growth in profit before tax to N276.1 billion for the half-year ended June 30, 2025.
The company’s unaudited financials, released to the Nigerian Exchange on Wednesday, reflect the strength of its growing market share, expansion strategy, and aggressive move into Nigeria’s domestic rice value chain.
During the six months, BUA Foods’ revenue rose by 36% to N912.5 billion, driven by all four of its major product segments — Sugar, Flour, Pasta, and Rice. Notably, revenue from the rice division exploded by 2,923%, soaring to N39.3 billion from just N1.3 billion in H1 2024. The surge highlights the company’s rapid progress in ramping up local rice production, a move it had previously announced under its broader backward integration drive.
Gross profit stood at N339.3 billion, up by 55% year-on-year, while gross margin improved to 37.2% from 32.4%. Operating profit rose by 41% to N284.8 billion. Meanwhile, earnings per share nearly doubled, jumping from N7.27 to N14.45. These results underline the company’s successful cost discipline and operational efficiency in a high-inflation environment.
Total assets climbed to N1.33 trillion, representing a 21.7% increase from last year. Retained earnings rose sharply by 62% to N681.1 billion, and equity improved by 60.6% to N689.1 billion. Notably, BUA Foods also reduced its liabilities by 3.4% to N644.1 billion — evidence of a healthier balance sheet.
In his statement, Managing Director Engr. (Dr.) Ayodele Abioye said the company’s performance reflects “strong fundamentals, operational efficiency, and the resilience of our diversified business model. Amidst evolving macroeconomic dynamics, we remain focused on scale, affordability, and consistent value delivery to our customers and stakeholders.”
The strong showing from BUA Foods follows closely behind the stunning performance of its sister company, BUA Cement Plc, which reported a 510.65% increase in pre-tax profit to N115.06 billion for Q2 2025. For the half-year, BUA Cement posted a PBT of N214.8 billion, more than five times the N40.1 billion recorded in H1 2024. Revenue for the cement firm grew to N580.3 billion, up 59.45% year-on-year.
The sharp turnaround was largely driven by improved revenue flows, cost controls, and the elimination of exchange rate losses, which had plagued Nigerian firms after last year’s FX liberalization. Cement was the sole revenue driver for BUA Cement, with the company reinforcing its dominance in Nigeria’s fast-expanding construction sector.
The record-breaking results from both BUA Foods and BUA Cement highlight the success of BUA Group’s integrated industrial strategy, which combines backward integration with heavy investments in manufacturing infrastructure. Under the leadership of Abdul Samad Rabiu, BUA Group has built a vertically integrated empire focused on food security, construction materials, and industrial independence.
In recent years, the Group has scaled up investments in food processing, milling, sugar refining, and cement production, relying less on imports and shielding operations from foreign exchange shocks. These gains are now materializing in the form of explosive profits and stronger margins across the board.
BUA Foods is positioning itself as a key food supplier across West Africa as it pushes deeper into agriculture and rice production. Analysts say its rising equity and expanding asset base offer room for further growth in an economy where local content and industrial capacity are increasingly paramount.
