FLOUR MILLS OF NIGERIA PLC RELEASES ITS AUDITED FINANCIALS FOR THE YEAR ENDED 31st MARCH 2021 – SHOWCASING RECORD IMPROVEMENT IN ORGANIC SALES GROWTH AND PROFITABILITY.

Lagos, Nigeria; June 30, 2021.

Highlights of the past year business performance.

  • Flour Mills of Nigeria Plc demonstrates a strong performance and resilience in a challenging year to capture first signs of economic recovery with accelerated Q4 growth vs last year (Q4’21 vs Q4’20: Revenue +44%, EBT +158% and PAT +211%)
  • The Group delivers impressive FY top-line growth across all business segments with an average revenue growth of 34%, led by growth in Agro-allied combined with investments in route-to-market and accelerated expansion in the B2C segments.
  • Profit After Tax reached N25.7 billion, up from N11.4 billion in 2019/2020 (127% YoY Growth).
  • Flour Mills Leadership is consistently focused on strong discipline in operational and capital efficiency by increasing local content in group-wide supply chains and supporting backward integration programs across all value chains.
  • Acceleration in B2C segments with new product offerings such as Auntie B Spaghetti Slim and Spaghetti, as well as the introduction of new SKUs in key categories, along with investments in regional distribution.
  • Successfully issued N30bn corporate bond with a tenor of 5 and 7 years at 5.50% and 6.25% respectively to replace expensive short-term facilities.


  • Operational Review
    The Group achieved impressive topline growth for the year, aided by gains from our Agro-allied turnaround strategy. Our backward integration program has been expanded across all value chains, including strategic partnerships with smallholder farmers, resulting in an average revenue gain of 34% across all business sectors.

    Our food business grew organically, driven by constant product innovation and transformation in new markets, as well as operational efficiency through route-to-market investments and rapid expansion in the B2C sectors.

    We successfully issued N30 billion in corporate notes with tenors of 5 and 7 years at 5.50 percent and 6.25 percent, respectively, to replace costly short-term facilities.

    Commenting on the result, Omoboyede Olusanya, the Group Managing Director, said:
    “Flour Mills emerges from the prevailing COVID-19 environment as a stronger, more resilient, flexible, and confident business as a result of the collective strategic actions made over our 60 year history. I want to thank all our employees for their patience and hard work as we consistently adapted to the year's challenges and invested significantly in our purpose of feeding the nation everyday.

    FMN is now harvesting the fruits of these efforts and remains committed to braving a continuously uncertain environment with cautious optimism, innovation, portfolio advancement and other strategies outlined in our recent sustainability report."

    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.