Flour Mills records N763bn revenue
By Oluwaseyi Lawal
Flour Mills of Nigeria Plc has announced an increase in its revenue by 67 percent to N763.2bn in the first quarter ending June 30, 2024, compared to N456.4bn in the same period the previous year, 2023.
A statement from the company on Wednesday revealed that its gross profit climbed by 73 percent to N86.9bn.
The profit for Q1 2024/2025 reached N7.4bn, reversing the loss recorded in the first quarter of the previous year and returning to profit levels observed over the past two years.
The company’s operating profit rose to N49.9bn, driven by revenue growth and effective cost management strategies.
The financial performance was bolstered by a cash reserve of N159bn, giving the company the flexibility to invest in growth opportunities and navigate economic uncertainties.
Commenting on the performance, Boye Olusanya, the Group Managing Director/Chief Executive Officer of FMN, stated, “Our Q1’24/25 results demonstrate FMN’s ability to deliver solid performance despite significant headwinds. We’ve shown remarkable agility in navigating the challenging macroeconomic environment, including persistent inflation and exchange rate volatilities.”
He noted that the agro-allied segment experienced a 68 percent increase, fueled by the success of the fertilizer and oil and fats businesses, along with improved capacity utilization.
The group’s Chief Finance Officer, Anders Kristiansson, emphasized that the company’s diversified business model offered a solid foundation for sustainable growth and value creation for all stakeholders.
“Our Q1’24/25 results reflect our commitment to creating value for our shareholders. The significant strengthening of our profitability, coupled with our strong cash position, provides us with the flexibility to invest in growth opportunities and navigate economic uncertainties,” Anders stated.
He remarked that as the company continued to adapt to evolving market conditions, it remained committed to its mission of “Feeding and Enriching Lives, Every Day.” The company focuses on creating long-term shareholder value through strategic investments and operational excellence.
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