BUA Foods H1 2026 profit rises despite revenue decline

BUA Foods Plc reported its unaudited financial results for the first half of 2026, showing a 12% increase in profit after tax to N292.27 billion despite a 16% decline in revenue to N765.12 billion. The company attributed the revenue drop to moderated pricing amid inflationary pressures, but improved operational efficiency, lower operating costs, and reduced finance expenses drove double-digit growth in profit before tax (up 14% to N314.9 billion) and operating profit (up 13% to N320.5 billion). Gross profit margin expanded to 47.5% from 37.2%, and operating margin rose to 42% from 31%. The company also strengthened its balance sheet, with total assets up 20% to N1.67 trillion and shareholders' equity up 41% to N1.01 trillion. BUA Foods is executing a major expansion programme, including additional wheat milling capacity, completion of its edible oils business, introduction of noodles, and expansion of integrated manufacturing facilities, to boost local food production and food security in Nigeria.