NIGERIA · COMPANY RESULTS
Key Facts
- The country Nigeria is Africa’s most populous nation, with over 200 million people and a currency called the naira.
- What happened BUA Foods, a listed Nigerian food maker, reported nine-month results on Friday 30 October 2026.
- The profit Profit after tax rose 11% to N450.47 billion (about US$335 million).
- The sales Revenue fell 19% to N1.15 trillion (about US$855 million), as prices softened.
- Still open The figures are unaudited and may change when full-year accounts are published.
BUA Foods profit after tax reached N450.47 billion (about US$335 million) in the nine months to 30 September 2026. That is 11% more than a year earlier, even though sales at the Nigerian food maker fell 19%.
The company, which is listed on the Nigerian Exchange, the country’s stock market, published the unaudited figures on Friday 30 October 2026. For US readers, it shows a Nigerian consumer firm lifting profit by cutting costs while shoppers spend less.
What BUA Foods Reported
The BUA Foods profit after tax of N450.47 billion (about US$335 million) compares with N405.27 billion (about US$301 million) a year earlier. These dollar figures use about 1,345 naira to the US dollar.
Profit before tax rose 11% to N480.52 billion (about US$357 million), and earnings per share climbed 11% to N25.03 (about US$0.019). Gross profit grew to N552.90 billion (about US$411 million) from N520.65 billion (about US$387 million).
Why Profit Rose While Sales Fell
Revenue dropped 19% to N1.15 trillion (about US$855 million), which the company blamed on softer prices and weaker consumer demand. Even so, its gross profit margin jumped to 48.3% from 36.7% a year earlier.
A margin is the share of each naira of sales left after the direct cost of making goods. The company’s cost cuts pushed that share up sharply from 36.7% a year earlier.
Where the Costs Came Down
Cost of sales fell 34% to N592.94 billion (about US$441 million), which the company linked to lower costs and a steadier exchange rate. A steadier naira matters because food makers buy imported grain, sugar and packaging in US dollars.
Operating expenses dropped 20% to N66.99 billion (about US$50 million), from N83.65 billion (about US$62 million). Selling and distribution costs fell 15% to N45.04 billion (about US$33 million), and administration costs fell 28% to N21.95 billion (about US$16 million).
How the Nine Months Compare With the First Half
In its half-year results in July 2026, BUA Foods reported profit after tax of N292.27 billion (about US$217 million), up 12%. Subtracting that figure from the nine-month total implies about N158.20 billion (about US$118 million) in the third quarter.
The company also said on 27 July 2026 that it had secured approval for a N504 billion (about US$375 million) dividend. It described a growth plan with new capacity and new product categories.
Who BUA Foods Is
BUA Foods Plc makes and sells staples such as sugar, flour and pasta to Nigerian households and businesses. Its managing director, Ayodele Abioye, said the results showed the strength of its operating model; see also our report on Unilever Nigeria’s profit.
He credited cost cuts, better productivity and tight execution for the profit growth despite lower sales. He said the company would keep strengthening its brands, supply chain and distribution network.
What It Means for US Readers
BUA Foods shares trade on the Nigerian Exchange, so most American investors reach the stock only through a Nigerian broker or a frontier fund. The BUA Foods profit offers a read on whether Nigerian consumer companies can protect profit as the naira stabilises and demand stays weak.
Nigeria buys wheat and other grain on world markets, so a steadier currency and healthier food makers support steady import demand. American farm exporters and shippers watch such figures for signs of how much Nigerian buyers can afford.
What Is Not Known
The company has not said how much of the sales drop came from lower prices and how much from lower volumes sold. The figures are unaudited, so the full-year accounts could differ.
It is also not clear how long the BUA Foods profit margin will hold if the naira weakens or raw-material costs rise again. The company has not said whether it will pay a further dividend.
More: Nigeria news in English, every day from The Rio Times.
Frequently Asked Questions
How much profit did BUA Foods make in nine months?
BUA Foods profit after tax was N450.47 billion (about US$335 million) for the nine months to 30 September 2026. That is up 11% from N405.27 billion (about US$301 million) a year earlier.
Why did BUA Foods profit rise when sales fell?
Costs fell faster than revenue. Cost of sales dropped 34% and operating expenses fell 20%, which lifted the gross margin to 48.3% from 36.7%.
How much did BUA Foods earn in sales?
Revenue was N1.15 trillion (about US$855 million), down 19%. The company blamed softer prices and subdued consumer demand.
What does BUA Foods make?
BUA Foods Plc is a Nigerian food manufacturer listed on the Nigerian Exchange. It sells staples including sugar, flour and pasta.
Are the figures final?
No, the nine-month results are unaudited. Audited full-year accounts will follow after the year ends.
Sources: BUA Foods Plc, unaudited results for the nine months ended 30 September 2026 (company release, 30 October 2026), 30 October 2026; BUA Foods Plc, H1 2026 unaudited results press release, 30 July 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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