Yemisi Izuora
BUA Foods Plc has announced its unaudited financial results for the first quarter ended March 31, 2026, delivering moderate earnings growth, improved margins, underpinned by resilient operational performance despite external volatilities.
Profit after tax increased by 14% to ₦142.32 billion, compared to ₦125.28 billion in Q1 2025, reflecting the Company’s continued focus on cost discipline, operational efficiency, and value-driven execution.
Revenue for the period stood at ₦394.6 billion, a decline of 11% from ₦442.1 billion in the corresponding period of 2025 due to moderated pricing following easing inflationary pressures and a more stable foreign exchange environment.
Gross profit rose by 9% to ₦175.65 billion, primarily driven by a reduction in input cost and improved efficiency across all business divisions. Operating profit grew by 11% to ₦154.6 billion in 3M 2026 (3M 2025: ₦138.9 billion) benefiting from reduced costs of sales. Also, Operating profit margin appreciated by 800bps to 39% in 3M 2026 (3M 2025: 31%). Earnings per share increased by 14% to ₦7.91, reinforcing continued value creation for shareholders. Finally, total assets increased by 12% to ₦1.555 trillion as of 3M 2026 (FY 2025: ₦1.387 trillion) driven by capacity expansion.
Performance across key product segments reflects evolving consumer demand and strategic portfolio positioning:
Flour contributed 35% to revenue in 3M 2026 (3M 2025: 40%), while Sugar contributed 43% to revenue in 3M 2026 (3M 2025: 48%). The decrease in revenue was due to an alignment with strategic and competitive market pricing initiatives during the period under review.
Pasta contributed 18% to revenue in 3M 2026 (3M 2025: 9%). Revenue increased by 70% to ₦70.6 billion in 3M 2026 (3M 2025: ₦41.5 billion). The increase in sales volume recorded was due to high demand for our Pasta products within the period under review.
Rice contributed 4% to the revenue in 3M 2026 (3M 2025: 3%). Revenue increased to ₦14.9 billion in 3M 2026 (3M 2025: ₦13.02 billion), due to steady milling operations in the division.
Commenting on the results, Managing Director, Engr. Ayodele Abioye, said:
“BUA Foods delivered resilient earnings in Q1 2026, underpinned by strong margin performance despite a challenging operating environment. Profit After Tax increased by 14% year‑on‑year to ₦142.32 billion, notwithstanding an 11% decline in revenue and modest volume growth. EBITDA rose by 11% to ₦157.13 billion, reflecting effective cost containment, pricing discipline, and sustained margin expansion across core product portfolios.
Looking ahead, while geopolitical risks continue to impact energy markets and global supply chains, the business remains well positioned for growth. Supported by a resilient operating model and disciplined execution, BUA Foods is focused on delivering sustainable, long‑term value for investors, shareholders, and other stakeholders”.
BUA Foods Plc remains well-positioned to navigate prevailing economic conditions, leveraging its scale, integrated operations, and strong market positioning to sustain profitability.
The Company will continue to focus on operational excellence, innovation, and strategic investments, reinforcing its commitment to delivering long-term growth and nourishing lives.