BUA Foods Plc's income tax contributions increased from ₦1.99 billion in Q1 2021 to ₦4.76 billion in Q3 2024, despite various fluctuations

Key takeaways:

  • The third quarter of 2023 displayed an unusually low tax payment of ₦104.9 million.
  • Tax contributions stabilised once again in Q4 2023 and maintained a robust presence in 2024, especially in Q1 and Q3.
  • Beginning at ₦1.99 billion in Q1 2021, BUA Foods’ income tax payments displayed fluctuations up until 2024.
  • Tax payments for BUA Foods remained relatively stable between 2021 and 2022.
  • The peak tax payments occurred in Q2 2023 at ₦7.09 billion and Q1 2024 at ₦6.54 billion.

In 2021, the company's tax liabilities were stable, commencing with payments of ₦1.99 billion each in Q1 and Q2 and slightly increasing to ₦2.07 billion by Q4. This upward trend persisted into 2022, with tax payments gradually rising to ₦2.49 billion by Q4 2022.

However, the year 2023 introduced notable shifts. The company's income tax payments surged in the first half of the year, reaching ₦5.48 billion in Q1 and ₦7.09 billion in Q2. Contrarily, Q3 2023 witnessed a dramatic decline, with tax payments dropping to a mere ₦104.9 million.

By Q4 2023, the situation partially stabilised as tax contributions climbed back to ₦2.32 billion. This trend grew further in 2024, with Q1 exhibiting another substantial tax payment of ₦6.54 billion, followed by more varied payments in the next two quarters.

Source:

BUA Foods Plc Annual Report, NGX

Period:

Q1 2021 - Q3 2024
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