FLOUR MILLS OF NIGERIA PLC RELEASES ITS AUDITED FINANCIALS FOR THE YEAR ENDED 31st MARCH 2020 – FINISHES STRONG WITH A RECORD 184% GROWTH IN AFTER TAX PROFIT

Lagos, Nigeria; August 03, 2020.

Flour Mills of Nigeria Plc (referred to as “Flour Mills “or “FMN”), Nigeria’s leading integrated food business and agro-allied Group, today announced its audited 2019/20 financial results, showing remarkable growths in all three key segments of Food, AgroAllied and Sugar. The Group’s revenues grew by 9% (YoY) to N574 billion Naira. Profit Before Tax increased by 72% (YoY) to N17.5 billion Naira, whereas Profit After Tax increased by 184% (YoY) to 11.4 billion Naira.

Key Highlights

  • Group Revenues was N574 billion, compared to N527 billion in 2018/19 Full year (9% YoY Growth)
  • Profit Before Tax was N17.5 billion, compared to N10.2 billion in 2018/2019 (72% YoY Growth)
  • Profit After Tax was N11.4 billion Naira with a 184% YoY Growth
  • Proposed final dividend increase of 17% to N1.40 for every ordinary share of 50 kobo. This is subject to shareholders’ approval at the company’s AGM.


  • Operational Review

    Despite prevailing economic headwinds and the difficult operating terrain of Apapa, the Group had a prosperous and successful year. In line with management’s strategy to continue to stimulate organic growth in all segments of the business, Agro-Allied division reached profitability in 2019/20 behind the consistent and focused investments that have been made in this locally sourced segment over the last few years. The Agro- allied segments saw strong profit growth in Oils and Fats and Proteins with Gross Profits more than doubling in both segments on an annual basis.

    Our Food business recorded accelerated growths within the business-to-consumer (B2C) segments in line with projections, as our focus to improve customer experience saw the introduction of a range of new products and our strategic marketing and promotional activities to win over new market segments yielded the desired result.

    Commenting on the result, Paul Gbededo, the Group Managing Director, said:
    “The 2019/20 financial year was a remarkable year for our Group and I am really pleased with the result. Our Profit Before Tax saw a remarkable increase of 72% to 17.5 billion Naira, while our Profit After Tax nearly tripled from 4.0 billion Naira last year to 11.4 billion Naira in the current year. This is partly attributable to the improved performance of our Agro Allied Businesses and in line with our strategy to continue to grow the wealth of our shareholders.”

    He further stated:
    “We will remain focused on increasing operational efficiency within the group as we continue to implement our accelerated cost optimization plans across all businesses to ensure profitability in the new operating environment.”

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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.