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FLOUR MILLS OF NIGERIA SHOWS A REMARKABLE GROWTH

08 August 20182 min reading

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Flour Mills of Nigeria Plc, the country’s biggest miller by market value, has reported profit after tax of $37.5 million for the 2017 financial year as against $24.3 million posted in 2016, representing 54.1 per cent growth.The Group’s profit before tax in a statement to the Nigerian Stock Exchange (NSE), grew to $45.3 million, compared to $28.7 million in 2017, accounting for 58 per cent Year-on-Year growth. The Group posted a revenue of $1.5 billion compared to $1.44 billion in 2017, representing 3.5 per cent growth. Paul Gbededo, Group Managing Director, said: “Our 2017, year end result, shows a remarkable growth in the Group’s revenue of N542 billion, which represents an impressive 3.5 per cent year on year growth.” “This was achieved through a combination of resilience in the face of a challenging environment, volume growth and product mix from our food and agro-allied businesses. The results are a clear indication that our efforts to continually push for improved efficiency and synergy in the Group, are yielding the expected results.In the agricultural space, we have continued to consolidate our position, with a firm commitment to lead in this space while aligning with the agricultural promotion policies in the federal and state level where we operate.”

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