BUA Foods Plc has recorded N672.39 billion in revenue in the first half of the financial year, which ended June 30, 2024.

This was contained in the company's unaudited half-year financial report which also indicated that it recorded a 110% year-on-year increase in revenue to N672.3 billion.

The growth was attributed to strong performance across its sugar, flour and pasta divisions, including the commercialisation of its rice division.

Despite inflationary pressures, BUA Foods was able to increase its gross profit by 64% to N218.4 billion.

However, the company's gross profit margin declined due to higher input costs and the devaluation of the naira.

Also, the company recorded a 38% increase in profit after tax (PAT) to N130.9 billion, translating to a 37% rise in earnings per share (EPS) to N7.27.

Other key performance indicators include a 75% surge in operating profit, a 65% growth in finance cost and a 3% increase in total assets.

The Managing Director of BUA Foods, Engr (Dr) Ayodele Abioye, attributed the performance to strategic initiatives, operational efficiency and the dedication of members of staff.

He said: "During this period, we have made significant strides in executing our strategic plans, successfully launching new products, specifically, macaroni, premium pasta and semolina to meet the yearnings of our customers.

"Our diversified portfolio and expansion into new markets impacted revenue growth while strengthening our partnership with key stakeholders. We also maintained a strong focus on cost optimisation, resulting in sustained margins and profitability."