Lagos, Nigeria; January 31, 2018.
Flour Mills of Nigeria Plc, market leader in food and agro-allied products in Nigeria, today announced its unaudited financial statements with record growth in profitability for the nine months ended 31st December 2017.
- Group recorded a revenue of N427.5 billion, up from N389.9 billion, in 2016, giving a 10% year-on-year growth.
- Profit Before Tax of N19.50 billion, compared to N10.3 billion, in 2016, a year-on-year growth of 89%
- Profit After Tax of N13.27 billion, compared to N7.39 billion, in 2016, a year-on-year increase of 80%
- Earnings per share of 456k, up from 250k, in 2016, showing an impressive 82% year-on-year growth
- The food business is responsible for an increase of N44.7 billion of the Group’s turnover, coming from our Flour, Pasta and noodles product portfolio.
- The packaging business of the Group contributed N1 billion to the Group’s profit, an increase of 150%
- The Group recorded a net operating gain position of N5.5 as at 31st December 2017. This was because of lower foreign exchange rates during the period in review.
Flour Mills of Nigeria Plc (The Company):
- The Company recorded a turnover of N303 billion, up from N278 billion, a year-on-year increase of 9%. Increase in revenue is attributed mainly to better price management and improved price control.
- Profit Before Tax of N18.2 billion, compared to N10 billion, a year-on-year growth of 82%
- Profit After Tax of N13.15 billion, compared to N7.21 billion, in 2016, a year-on-year growth of 82%
With a view to significantly improve on working capital, whilst reducing debts, the company recently proceeded with Series 1 of its Rights Issue Programme. It is expected that the Programme which is designed to raise funds in several tranches over a three-year period will strategically position the company for sustainable growth.
Commenting on the result, Paul Gbededo, Group Managing Director, Flour Mills of Nigeria Plc, stated:
“We are delighted to report another quarter of solid performance, despite harsh operational environments, which have been compounded further by traffic congestions in Apapa.
Our food business has continued to show impressive results, in line with our strategy to lead the market in all major categories, while we continue to drive efficiency and grow our footprints in the Agro-allied segments, and ultimately on our core focus of feeding the nation, every day.
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. is one of Nigeria’s leading food and agro-allied companies. With a broad basket of food products, an iconic brand “Golden Penny” and a robust pan-Nigerian production, distribution, and supply chain network, FMN is a fully integrated and diversified food and agro-allied group.
The FMN group strives in its mission 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
Lagos, Nigeria; January 31, 2018.