The food manufacturing giant grew its revenue from ₦1.07 trillion in Q3 2024 to ₦1.42 trillion in Q3 2025, representing a 33% year-over-year increase.

The growth was driven by stronger market demand for its core products, such as Sugar, Flour, Pasta, Rice, and Edible Oils, and as well as the Federal Government’s staple food import waiver granted under the Tinubu administration in 2024.

The cost of sales rose from ₦736.98 billion in Q3 2024 to ₦900.08 billion in Q3 2025, a 22% increase. Consequently, gross profit climbed from ₦333.82 billion in Q3 2024 to ₦520.64 billion in Q3 2025.

Profit-before-Tax (PBT)  surged from ₦215.66 billion in Q3  2024 to N432.58 billion in Q3 2025, depicting a 100.6% increase, whilst the Profit-after-Tax (PAT) rose from ₦201.39 billion in Q3 2024 to ₦405.27 billion in Q3 2025, growing robustly by 101% year-on-year.

Earnings-per-Share doubled from ₦11.19 in Q3 2024 to ₦22.52 in Q3 2025. Total assets increased to ₦1.24 trillion from ₦1.10 trillion in the same period, while total equity grew to ₦600.33 billion from ₦429.06 billion reported in Q3 2024.

Commenting on the results, Ayodele Abioye, managing director, said:

“BUA Foods has once again demonstrated resilience and strategic agility. Our 9M 2025 performance, highlighted by a strong double-digit revenue growth and a 101% year-on-year increase in profit after tax to ₦405 billion, underscores a sustained growth trajectory supported by ongoing economic reforms and a progressively more stable business environment.”

He further noted that amid an improving operating backdrop, BUA delivered another solid quarter of progress.

“We remain focused on executing our strategic priorities, deepening end-to-end integration across the value chain and harnessing the expertise and commitment of our Board and employees, to sustain value creation. We are particularly grateful to all our stakeholders, supply-chain partners and, most importantly, our customers for their continued trust and support.’’

In terms of segment performance, the sugar division contributed 42% to revenue in Q3 2025. Sugar revenue grew by 10% to ₦599.2 billion in Q3 2025. The increase in revenue is due mainly to increased sales volume within the period.

The Flour division also contributed 42% to revenue in Q3 2025. Revenue increased by 52% to ₦591.5 billion in Q3 2025.

The revenue growth is due to increased volume and improved product mix. The contribution margin dropped marginally to 31% from 32% for the same period last year.

The Pasta division contributed 10% to revenue in Q3 2025. Revenue increased by 12% to ₦150.5 billion in Q3 2025.

The increase in sales revenue is due to increased market demand for BUA Foods Pasta products during the period under review. Contribution margin increased to 37% from 32% for the same period last year.

The Rice division contributed 6% to the revenue in Q3 2025. Revenue increased to ₦79.5 billion in Q3 2025.

On the capital market, BUA Foods closed trading on Tuesday, November 4, 2025, at ₦692.50 per share on the Nigerian Stock Exchange (NGX).

The stock opened the year at ₦415.00, gaining 66.9% year-to-date and ranking 63rd in overall NGX performance.

Over the past four weeks, the stock has appreciated by 10%, making it the 11th best-performing stock on the exchange within that period.

Disclosed in a statement filed with the Nigerian Exchange, the dividend will be paid to shareholders whose names appear in the Register of Members as of August 21, 2025. The disbursement will be made electronically on September 25, 2025.

The decision to issue a dividend follows the release of the company’s financial statements, which highlights a significant increase in revenue and earnings.

BUA Foods’ revenue doubled in the 2024 financial year, reaching N1.5 trillion, compared to N729.5 billion in 2023.

The profits and assets were not left behind as they also grew substantially, with profit before tax surging by 163% to N284.3 billion from N108.1 billion. Gross profit jumped by 108% to N540.8 billion, up from N260.5 billion.

The total assets improved to N1.10 trillion from N1.07 trillion while the total liabilities decreased by 18% to N666.5 billion from N808.4 billion. Also, Profit after tax jumped by 137% to N265.9 billion, from N112 billion.

With this strong performance and dividend declaration, shareholders stand to benefit from the company’s growth.

BUA Foods has advised shareholders with incomplete e-dividend registrations to update their details with the Registrar or their respective banks to ensure smooth payment.

The All-Share Index and market capitalization shed 3.44 percent week-on-week to 102,088.30 points and N55.86tn, respectively, on the back of weak sentiment, which was spurred by higher yields outlook in the fixed-income market.

The equity market has also witnessed portfolio rebalancing ahead of expected corporate earnings and the outcome of the Monetary Policy Committee meeting scheduled for Monday and Tuesday.

A look at the sectoral balance indicated that the insurance and industrial goods sectors were the least-performing indexes as they pared the previous week’s gains by 8.91 percent and 7.94 percent, trailing the banking index which closed the week in a weak region by 2.10 percent due to a sell-off in some bellwether banking stocks.

However, the Consumer goods (2.01 percent) and the Oil & Gas sectors (0.01 percent) experienced an upswing as investors showed further interest across those indices.

Trading activities throughout the week were also characterized by waning sentiments as a total turnover of 1.377 billion shares worth N31.58bn was traded in 42,040 deals, lower than 1.559 billion shares valued at N36.50bn that exchanged hands in 42,546 deals in the previous week.

In terms of Measurement by volume, the financial services industry led the activity chart with 960.519 million shares valued at N16.84bn traded in 19,669 deals, contributing 69.77 percent and 53.33 percent to the total equity turnover volume and value, respectively.

The conglomerate industry followed with 115.241 million shares worth N1.51bn in 2,859 deals, whilst the third place was the oil and gas industry, with a turnover of 80.866 million shares worth N1.72bn in 2,726 deals.

Trading in the top three equities namely Guaranty Trust Holding Company Plc, FBNHoldings Plc, and Transnational Corporation Plc (measured by volume) accounted for 343.584 million shares worth N9.43bn in 5,659 deals, contributing 24.96 percent and 29.86 percent to the total equity turnover volume and value, respectively.

Recall that last week, 14 equities appreciated; lower than 35 equities in the prior week, and 66 equities dipped; higher than 51 in the previous week, 74 equities remained unchanged, higher than 68 recorded in the previous week.

At the close of the week, Juli Plc, FBN Holdings, Geregu Power, and BUA Foods were investors’ toasts amid the cherry-picking activities as their share prices advanced by 59.18 percent, 10.71 percent, 9.32 percent, and 6.27 percent, respectively.

The laggards for the week were Morison Industries Plc, which lost 32.66 percent to close at N1.67; Consolidated Hallmark Holdings Plc lost 19.35 percent to close at N1.25 and Sterling Financial Holdings Company Plc lost 18.69 percent to close at N4.35.

This is as the Nigerian Exchange Group (NGX) achieved a new record of 100,000 marked sustained bargain hunting in Dangote Cement Plc propelled the all-share index (ASI) to rise by three percent.

ASI rose by 2,954.14 points, representing a gain of three percent, to close at 101,571.11 points.

Similarly, the overall market capitalization value gained N1.617 trillion to close at N55.584 trillion.

Year-to-date, the domestic market has returned 35.84 percent surpassing inflationary levels in the country and outperforming other indices in the African, European, and Middle Eastern markets as tracked by Bloomberg.

The total value of stocks traded by investors was N8.04 trillion, a 51 percent drop from the value traded in the previous day.

Analysts have envisioned another positive market breadth today, while sector performance remains mixed.” Investor sentiment, as measured by market breadth, closed positive as 35 stocks gained, while 32 lost.

Wapic Insurance recorded the highest price gain of 10 per cent to close at 88 kobo, per share. BUA Cement followed with a gain of 9.98 percent to close at N179.65, while Japaul Gold & Ventures rose by 9.91 percent to close at N2.55 kobo.

However, University Press appreciated by 9.82 percent to close at N3.69 kobo, while Tripple Gee & Company rose by 9.69 percent to close at N2.83 kobo.

On the other hand, NEM Insurance led the losers’ chart by 10 percent to close at N7.20 kobo.

Cadbury Nigeria followed with a decline of 9.96 percent to close at N23.50 kobo, while The Initiates Plc (TIP) declined by 9.92 percent to close at N2.27 kobo.

Also on the NGX, May & Baker Nigeria shed 9.89 percent to close at N6.65 kobo, while McNichols lost 9.88 percent to close at N1.46 kobo.

However, the total volume of trade decreased by 34.65 per cent to 488.491 million units, valued at N8.037 billion, and exchanged in 12,080 deals.

Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 95.109 million shares valued at N1.588 billion.

Universal Insurance followed with 45.629 million shares worth N18.601 million, while Unity Bank traded 27.343 million shares valued at N74.12 million.

Jaiz Bank traded 26.962 million shares valued at N76.917 million, while Japaul Gold & Ventures transacted 25.324 million shares worth N64.312 million, according to the NGX.

Currently, large, medium, and small businesses are sourcing for funds to get their businesses back on track and pursue their growth mandate as markets open gradually.

Absa, which offers investment banking and market products through various Nigerian registered subsidiaries, namely Absa Representative Office Nigeria Limited, Absa Capital Markets Nigeria Limited, and Absa Securities Nigeria Limited, advised local businesses to tap into the ample pool of retail and institutional investors on the stock exchange to drive their growth aspirations.

According to Akinkunmi Majaro, the Head of Absa Securities Nigeria Limited, “Businesses consistently strive to grow. Therefore, continued access to cash flow and other investment resources are crucial for businesses aiming to build the competitive edge necessary to drive growth. Meanwhile, the global health crisis and its fallout are strong indications that access to long-term financing with fewer stringent demands is critical to staying resilient in an austere operating environment.”

He added, “The Nigeria Stock Exchange, especially, provides access to long and medium terms finance for structured businesses. Absa Capital Markets Nigeria Limited is positioned to help multinational and local businesses and a wide range of investors gain an overriding view of the capital market as well as guide investors and businesses in making wise investment and finance choices.”

Businesses would need long-term access to finance to strengthen operating cash flow, drive product development initiatives, enhance logistics, expand product promotion coverage, penetrate new markets as well as scale operating capacity to the pre-COVID-19 levels.

The ability of these businesses to access funds readily would positively rub off on economic growth. It would revamp the employment generating capacity of the organised private sector and subsequently impact the gross domestic product level.

Many businesses default to bank loans when they are squeezed financially. But the stringent requirements by the banks and the high interest rate on such loans remain a big challenge that small and medium businesses sometimes find hard to surmount.

Fluctuating currency exchange rates and inflation trends have further compounded SMEs’ ability to access cheap funding for their operations. It has therefore become apparent that businesses look beyond the commercial banks for their funding needs.

Traditionally, across the globe, capital markets offer an interesting opportunity for businesses that are looking to raise capital for medium to long term financing of their activities. The stock exchange serves as a financial intermediary between investors and businesses listed on its floor.

It is regarded as a trading crucible that links businesses to a large pool of local and foreign investors who are constantly searching for interesting investment opportunities.

These investors are anxious to boost their ROI and will put their monies in stocks that have favourable profit projections. The advantage for businesses on an exchange is that they can access large capital at lower cost.

Businesses listed on the country’s stock exchange, like Stanbic IBTC, MTN Nigeria, and BUA Foods, among others have an advantage in terms of access to low cost capital to expand their operations.

BUA Foods Plc’s 18 billion shares, for instance, were recently listed on the exchange at N40. The listing on the stock exchange provided a lever for the BUA Foods business to raise capital and deepen its operating capacity in the pasta, edible oil, sugar, and flour segments of the local food value chain as well as drive its export capabilities. While this move lifted the NGX Exchange (NGX’s) market capitalisation to N720 billion, it yielded a capital gain of 33 per cent for investors in the first week.

MTN Nigeria had a similar remarkable run in the first month of listing. Its shares appreciated from N99 to N129.45, yielding massive gains for investors while mopping up funds for the telecommunications giant to drive its network and mobile money expansion agenda.

Meanwhile, the finance opportunities available at the stock exchange are not restricted to large businesses. Structured small-medium enterprises need funding to navigate the teething challenges in the early growth stages.

Considering how the economy is holding up and the cautious approach of traditional lenders to small businesses, it is time for the segment to explore the capital market in a bid to access long-term finance to take advantage of emerging market opportunities. This is crucial for the survival of the segment.

In fact, there are tailored platforms that meet the capital needs of the SME segment on the floor of the stock exchange.

The Growth Board on the NGX provides an alternative route for well structured small businesses with potential for growth to list on the stock exchange.

Businesses of all sizes can list on the stock exchange to access cheap and long term tenured equity or capital from the capital market.

As businesses reopen fully for economic activities, and the Africa Continental Free Trade Agreement gathers pace, there is hardly a better time for businesses to access the opportunities available on the stock exchange to raise cheap long-term capital for their operations.