Selling and distribution expenses rise to N14.19 billion in 2022 from N10.14 billion in 2021, while administrative expenses closed 2022 at N18.13 billion from N14.63 billion in 2021.The Group’s total operating expenses increased by 33 per cent to N32.92 billion in 2022 from N24.76 billion in 2021 over increase in selling and distribution cost along the supply chain to customers. Operating profit grew by 47 per cent to N117.49 billion in 2022 from N79.
“Prior to the restructuring, Sugar, Flour, Pasta, Rice, and Edible oils were processed, manufactured, and distributed by individual entities within the BUA Group structure with individual leadership in the food and fast-moving consumer goods industry.” He said, “Currently, BUA Foods is developing a 20,000-hectare sugar plantation in Lafiagi, Kwara State, with the aim of creating a steady supply of raw materials to reduce reliance on importation in order to save on input cost.”