Profit at BUA Foods Plc, Nigeria’s largest food and fast-moving consumer goods (FMCG) company by market capitalisation, grew to its highest in the last five years, buoyed by strong cost management and operational efficiency, according to its latest unaudited financial statement.
The food maker owned and controlled by Africa’s second richest man AbdulSamad Rabiu delivered a 12 percent profit growth in the first six months of this year, even as revenue slowed by 16 percent year-on-year to N765.1 billion from N912.5 billion recorded last year.
The decline was driven by lower sales across all product categories, with maize recording the sharpest drop, as sales fell from N3.7 billion in H1 2025 to zero in H1 2026.
Gross profit, however, increased by 7 percent year on year, supported by effective cost control measures. Cost of sales declined by 29 percent year on year, cushioning the impact of lower revenue and boosting
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