Flour Mills of Nigeria Plc posts 2019 Half Year Results - delivers continued growth, with volumes growing by 6% and PAT increasing by 16% to N5.9 Billion.

Lagos, Nigeria; October 30, 2019.

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 brand – ‘Golden Penny,’ today announced its unaudited half year results for the year 2019, showing sustained growth with Profit After Tax increasing by 16% to N5.9 billion.

Key Highlights

  • The Group showed a volume growth of 6% when compared to the same period of last year
  • The Group’s Profit Before Tax is N8.6 billion, compared to N8.3 billion in H1, 2018 (4% - YoY growth)
  • The Group’s Profit After Tax is N5.9 billion, compared to N5.1 billion in H1, 2018 (16% - YoY growth)
  • Finance Cost is N8.8 billion, compared to N11.2 billion in H1, 2018 (21% - YoY drop). Management’s deleveraging strategy and lowered interest rates continue to achieve desired results.


  • Operational review

    Despite the challenging operating environment and continuing pressures on the profitability of most companies in the Fast-Moving Consumer Good Sector, FMN Group’s unaudited half year result reflects the management’s strategy and commitment to growth and value creation.

    Although the revenue from some of our food businesses was adversely impacted by lower volumes, Pasta and Noodles recorded positive growth in base products, and the sugar business continued to show remarkable growth in line with projections.

    The Agro-Allied business also continues to show improvements especially in the Animal feeds and Fertilizer segments.

    Commenting on the result, Paul Gbededo, the Group Managing Director, said:
    “We have posted an impressive result for the first half of the year with Profit After Tax increasing by 16% to N5.9 billion when compared to last year. I am confident that we are on track to achieve our growth targets for the year as we continue to improve operational efficiency, reduce our finance cost and ultimately grow the wealth of our shareholders by increasing earnings per share.”

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    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.

    More information can be found at www.fmnplc.com