Flour Mills of Nigeria Plc continues its strong performance with Q3 results ahead of the first two quarters and solid growth in all segments.

Lagos, Nigeria; January 26, 2021.

Flour Mills of Nigeria Plc (referred to as “Flour Mills “or “FMN”), Nigeria’s leading integrated food business and agro-allied group, owners of the iconic food brand – ‘Golden Penny,’ today announced its Q3 results for the year 2020/21 showing resilience and continued growth in all segments.

Key Highlights

  • The Group’s long term strategy of driving its Food and B2C business while investing in Agro-allied and backward integration continued to generate strong returns.
  • The Group posted a 31% revenue growth in Q3 2020/21, and year to date at 31st December 2020, respectively, with all segments growing by 25% plus. Q3 revenue was N200 billion and year to date revenue at 31st December 2020 was N555 billion.
  • Profit Before Tax at year to date December 2020 of N23.6 billion was ahead of the full year 2019/20 Profit Before Tax of N17.5 billion. This was primarily driven by the investments in Agro-allied yielding returns, together with solid growth in the Food and Sugar segments.
  • N50 billion of cash was generated from operations, and net debt decreased by 31% to N66 billion.
  • N29.9 billion bond issued at 5 and 7-year tenors with coupon rates at 5.50 and 6.25% respectively.


  • Operational review
    Strongly committed to our culture of building value for our customers and Nigeria as a whole, our growth demonstrates our dedication to meet the country’s need and drive towards sustainable economic growth.

    The Q3 2020/21 results show significant improvements across all key segments and reiterates our commitment to meeting the growing needs of our consumers, as we continue to deliver sustainable value for investors.

    Our businesses in the agro-allied segment continues to show impressive growth in line with projections across the oils and fats, protein and starch value chains.

    In the food segment, our volume-driven growth strategy remained underpinned by the resilience of our portfolio and the agility of our teams to adapt to the changing market dynamics. To broaden our reach, we have continued to invest in innovation by developing new products and strengthening our route to market.

    We recently completed the issuance of our N29.9bn bond (Series 4, Tranches A and B) in December 2020, which was oversubscribed by 405% within the price guidance. The new bond (N29.9bn) with tenor of 5 and 7 years was issued at 5.50% and 6.25% respectively. The issue was strongly supported by the institutional investor community.

    Management remains focused on increasing operational efficiency with accelerated plans for cost optimizations across all business segments in the group to ensure competitive product offerings and profitability in the new operating environment.

    Commenting on the result, Boye Olusanya, the Group Managing Director, said:
    “Our ability to stay resilient, while growing organically in a rapidly changing environment, validates our investment strategy, and the strength of our diversified portfolio."

    “We are keeping in stride with the government’s vision to ensure food sufficiency and have delivered another truly remarkable result this year. Our priorities remain the same - feeding growth and productivity in Nigeria’s food and agro-allied sector, feeding communities with empowerment, and feeding Nigeria’s future with significant backward integration projects.“

    About Flour Mills of Nigeria Plc
    Incorporated in September 1960 and quoted on the Nigerian Stock Exchange since 1978, Flour Mills of Nigeria (FMN) Plc, owners of the iconic Golden Penny Food brand is one of Nigeria’s leading food and agro-allied companies. With a broad basket of food products and robust pan-

    Nigerian production, distribution, and supply chain network, FMN is a fully integrated and diversified food and agro-allied group. FMN group strives in its purpose to “Feed the Nation, Everyday” through its five core food value chains: Grains, Sweeteners, Oils and Fats, Proteins, and Starches. FMN creates value along the entire food chain with its “farm-to-table” model by providing inputs and know-how to farmers, aggregating and sourcing crops and raw materials to supply its world-class processing facilities across Nigeria, and distributing its innovative food brands to its customers.