Flour Mills of Nigeria Plc reported a 67% increase in revenue, reaching N763.2bn for the first quarter ending June 30, 2024, compared to N456.4bn the previous year.
Gross profit surged by 73% to N86.9bn, and the company reversed last year’s first-quarter loss with a profit of N7.4bn.
Operating profit rose to N49.9bn, driven by revenue growth and effective cost management. The company maintained a strong cash position of N159bn, which allows flexibility for growth investments and managing economhic uncertainties.
Group Managing Director Boye Olusanya attributed the solid performance to the company’s agility in a challenging economic environment.
The agro-allied segment saw a 68% growth, with notable performance in fertilizer and oil and fats businesses.
CFO Anders Kristiansson highlighted the company’s commitment to creating shareholder value through strategic investments and operational excellence.
(PUNCH)