Nigeria: Flour Mills Raises Revenue By 48%

3 August 2021

Flour Mills of Nigeria (FMN) Plc says its revenue has increased by 48 per cent in the first quarter of this year driven by improvement in the food category.

The group, in a statement, said the first-quarter results for the year 2021/22 showed further consistent remarkable performance with strong revenue growth and Profit After Tax increasing by 10 percent year-on-year to N5.4 billion despite the headwinds.

Speaking on the result, the Group Managing Director, Omoboyede Olusanya, said the first-quarter result showed a strong start to the year and a promising indication of the business's future as the company pursues operational efficiency and long-term growth.

"I am particularly pleased that we achieved an amazing top-line growth and remained profitable, with Profit Before Tax increasing by 12% and Profit After Tax increasing by 10%."

The group's revenue was N233.7bn, compared to N154.6bn in Q1 2020/21 (51% growth).

It said performance was impressive across all business segments underpinned by sustained demand in agro-allied products, particularly in edible oils and fertiliser businesses, and continued improvements in the food segment.

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