According to their first quarter financial reports filed with the Nigerian Exchange Limited, Lafarge Africa Plc and Bua Foods Plc have cited cash shortages and the upcoming 2023 general elections as challenges faced by their operations in Nigeria.

Bua Foods managed to maintain strong performance across key financial metrics despite the headwinds and reported a revenue increase of 26% to N144.3bn, with profit after tax appreciating by 77.1% to N40.5bn in the first quarter of 2023.

However, the cost of sales increased by 41.9%, driven by higher raw materials and energy costs, resulting in higher production costs. Meanwhile, Lafarge Africa's net sales went up by 1.3% to N91.82bn, and profit before tax rose by 4.7% to N22.48bn.

However, their profit after tax declined by 14.9% to N14.93bn due to the impact of the general elections on growth during the period. Despite the challenges, both companies remain committed to delivering sustainable value to stakeholders.

source;The punch
link;https://punchng.com/lafarge-bua-foods-explains-cash-crunch-impact-on-q1-results/