Despite the headwinds, in the first quarter, Bua Foods’ revenue rose by 26 per cent to N144.3bn. Its profit after tax appreciated by 77.1
At least two manufacturers in the Nigerian economy, Lafarge Africa Plc and Bua Foods Plc have highlighted the cash crunch and the 2023 general elections as challenges that they faced in their operations in the first quarter of the year
Speaking on the Q1 results, the Managing Director of Bua Foods, Ayodele Abioye, said, “BUA Foods Plc continue to deliver strong performance across key financial metrics despite the business climate headwinds characterised in Q1 by the economic impact of the general elections, high food inflation and shortage of cash in circulation following the currency redesign policy.
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