Flour Mills of Nigeria (FMN), a leading food and agro-allied company in Nigeria, announced impressive financial results for the year ending March 31, 2024. Their revenue surged by 49% to N2.3 trillion compared to the previous year.
This growth was driven by sustained demand across all of FMN’s business segments, including food, agro-allied, sugar, and support services. The company’s gross profit also jumped by 54% to N273 billion, with profit before taxes and foreign exchange impact rising by a significant 90% to N141 billion. Additionally, FMN boasts a strong net cash position of N176 billion, demonstrating healthy cash flow generation.
FMN’s leadership attributes this success to consistent execution, operational resilience, and innovative product offerings. They highlight their ability to thrive despite a challenging economic environment, solidifying their position as a market leader in the Nigerian food and agro-allied sector. Looking ahead, FMN’s executives expressed confidence in their ability to continue delivering value to shareholders through ongoing efficiency improvements and strategic investments. The board of directors approved a dividend payment of 180 kobo per share, reflecting their commitment to shareholder value and their strong financial position.
Source: PUNCH