Flour Mills grows profit by 64 per cent to N177b

Flour Mills of Nigeria Plc (FMN) has posted its financial statement for the 2022/23 fiscal year. The scorecard showed an improvement of 64 per cent in profit to achieve N177.1 billion.

A further breakdown revealed that the company recorded a topline growth of 32 per cent across food, agro-allied and support segments during the period to consolidate its market leadership.

The report indicated that oil and fats business achieved a substantial 38 per cent revenue growth through improved exports and equipment optimisation, while the sugar segment returned to profitability with a remarkable 34 per cent revenue growth, driven by local Sunti Sugar and brand loyalty.

“The overall profit after tax increased by five per cent to N29.5 billion, with earnings per share growing by 16 per cent to N7.25. Agro-allied segment delivered outstanding performance with 51 per cent and 58 per cent revenue, and profit before tax growth for fertiliser business respectively,” the scorecard explained.

The Group Managing Director/CEO, Boye Olusanya, said the period has been a year of agile business strategy implementation and company’s ability to proactively manage both existing and emerging environmental challenges, while progressively driving significant development across all touch points for self-sufficiency across Africa.

“Market impediments such as rising international food prices, input cost escalations and currency devaluation were effectively managed, thus the group’s ability to achieve strong financial performance in FY22/23. As we continue to act as a source of livelihood for millions of Nigerian families, we would remain committed to significantly investing across our value chain to reduce the nation’s dependency on imported raw materials and externally generated resources,” he added.