Home Industry News Flour Mills of Nigeria announces N339.6bn revenue in Q1

Flour Mills of Nigeria announces N339.6bn revenue in Q1

by Goddy Ofose
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Flour Mills of Nigeria Plc, yesterday announced its unaudited financial statements for the first quarter (Q1) of 2022 with N339.6billion in revenue, an increase of 45.3 per cent from N233.7billion reported in prior first quarter of 2021.

The leading flour processing company listed on the Nigerian Exchange Limited (NGX) topline performance showed a solid performance across all segments (Food, Agro-Allied Sugar, and Support Segments), which was supported by volume growth and a favourable mix.

In the period under review, Flour Mills of Nigeria reported a nearly one per cent increase in profit before tax to N7.33billion in Q1 2022 from N7.26billion in Q1 2021, while profit after tax closed Q1 2022 at N5.49billion, representing an increase of one per cent from N5.45billion in Q1 2021.

The company secretary / director, legal services, Flour Mills of Nigeria, Mr. Joseph Umolu in a signed statement said the company remained committed to maintaining growth and sustaining profitability by increasing local content with further backward integration investments.

According to him, “Consistently good operating performance (despite increase in input prices) in the food segment and continued solid performance in the Agro-allied segment following continuous penetration into new and rural market.

“Investment in route to customer redistribution and improved customer interface engagement resulted in N7.3billion Profit Before Tax up by one per cent on an absolute basis and 15 per cent on an operational basis when excluding the transitional costs.

Our sugar segment saw a 64 per cent revenue with stabilized trading environments and strong demand for brown sugar which is locally produced at our farm in Sunti.

“Our animal feeds business attained 21 per cent revenue growth, driven by investments in logistics infrastructure and farmer training extension services across the country.”

The Group Managing Director, Flour Mills of Nigeria, Mr. Omoboyede Olusanya, in a statement, stated that despite the challenging socio-economic environment, the company continued to deliver strong business performance with resilience and operational excellence.

According to him, “Our increased operational efficiency with accelerated plans for our supply chain optimization, content localization, and cost optimization across our business segments has helped to cushion the sharp rise in the cost of raw materials.

“We would always be committed to our purpose of Feeding the Nation, Everyday through our offerings of quality products and services.

“The Group is dedicated to achieving sector strategic growth opportunities, both organic and inorganic with keen determination as we continue to create value for our shareholders.”

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