Flour Mills of Nigeria Plc (FMN), has announced a revenue of N763.2 billion for the first quarter ended June 30, 2024, a 67 per cent increase over N456.4 billion it achieved in the same period of last year.

The Group's Gross Profit saw a 73 per cent increase to N86.9 billion and a 68 per cent growth in Operating Profit.

The profit for first quarter 2024/2025 stood at N7.4 billion, reversing the first quarter loss in last year and returning to the first quarter profit levels of two and three years ago.

Operating profit rose by 68 per cent to N49.9 billion, supported by revenue growth and continuous cost optimisation.

Commenting on the first quarter 2024/2025 results, Group Managing Director/Chief Executive Officer of FMN, said, Boye Olusanya, "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. Our focus on cost optimization, strategic pricing, and operational efficiencies has enabled us to maintain our market leadership in the Food and Agro-Allied sector."

Speaking on the Group's financial position, Group Chief Finance Officer, Anders Kristiansson, said: "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. We remain focused on optimizing our capital structure and reducing funding costs to improve profitability and deliver long-term value."