Report
ARM Research ...
  • Callista Chileke
EUR 4.00 For Business Accounts Only

BUAFOODS' Q3/9M:2025 Earnings Note | Strong Volume Growth Drives Margin Resilience

BUAFOODS reported robust 9M:2025 results, with revenue up 32.7% YoY to NGN1.42trn and PAT rising 101.24% YoY to NGN405.27bn, supported by strong volume growth across sugar, rice, flour, and pasta segments. In Q3:2025, margins softened slightly due to higher expenses, but profit remained strong, increasing 99.93% YoY and 11.91% QoQ to NGN147.37bn.
We assign a HOLD rating and revise our 12-month target price to NGN735.22, representing a 6.17% upside from the current price of NGN692.50 (November 12th, 2025). While the stock trades above industry multiples, we believe its strong revenue growth and resilient margins justify the premium.
Underlying
BUA FOODS PLC

Provider
ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

Analysts
ARM Research

Callista Chileke

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