The board of BUA Foods Plc presented its audited financials for the year ended December 31, 2021, showing robust growth in revenue and profit, following which a final dividend of N3.50 per share, from earnings per share of N4.24, up from the previous N1.97 per share.
For that purpose, the register of shareholders will be closed between July 14 and 20, following which qualification date is July 13, 2022, while payment will be made electronically on August 4.
According to the result, revenue from sales rose by N140.412 billion or 72.8% from N192.86 billion in the 2020 full year to N333.272 billion, a breakdown of which showed that sales of fortified sugar accounted for N129.837 billion, more than double the N67.928 billion.
This is followed by income from non-fortified increased from N33.515 billion to N79.156 billion, up by N45.54 billion or 135.88%.
Sales of bakery flour jumped from N40.117 billion to N64.401 billion; just as sales of pasta rose to N54.401 billion from N35.4 billion; and bran sales from N3.813 billion to N5.245 billion; even as sales of molasses fell significantly from N12.085 billion to N439.023 million.
Cost of sales increased to N230.312 billion from N129.287 billion; administrative expense stood at N10.422 billion from N4.013 billion; selling and distribution expenses also jumped from N4.013 billion to N10.135 billion; led by cost of raw materials which increased from N101.247 billion to N211.205 billion; staff cost jumped to N2.992 billion from N1.976 billion; factory production overhead dropped to N13.077 billion from N21.735 billion; depreciation of property, plant and equipment soared to N7.39 billion from N3.372 billion.
Haulage expense increased from N3.965 billion to N9.845 billion; other expenses also increased from N262.904 million to N2.553 billion.
Finance income for the period rose to N2.892 billion from N30.999 million; finance cost jumped from N3.599 billion to N5.047 billion; comprising interest expense on overdraft increased from N780.451 million to N1.377 billion; just as interest expense on borrowing rose marginally from N2.221 billion to N2.98 billion; and interest on lease liabilities increased to N689.027 million from N598.444 million.
Net finance cost dropped from N3.568 billion to N2.155 billion. Profit before tax increased to N77.468 billion from N47.249 billion; tax charge rose to N7.7 billion from N11.842 billion; resulting in net profit of N69.768 billion; better than the previous N35.406 billion in the corresponding period of 2020 by 97.04%.
