Flour Mills Announces 47% Increase in Revenue to N523bn

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Flour Mills of Nigeria Plc (FMN) announced its unaudited half-year results for the year 2021/22 showing consistent growth, with revenue increasing by 47per cent and Profit After Tax (PAT) growing by six per cent compared to the same period last year.

The group’s revenue was N523 billion, compared to N355 billion in H1 2020/21 (47per cent – YoY growth). Performance was consistent across all key business segments in the Group with the food, agro-allied and support segments all growing by more than 35per cent.

The Group’s Profit Before Tax (PBT) was N15.5 billion and increased by N0.9 billion as against H1 2020/21 (six per cent YoY growth).

The performance was underpinned by continued strong operating performance in the food segment; continuous improvement in the agro-allied segment and a significant growth in the support segment lead by the Bagco local packaging solutions, which showed a remarkable growth.

The Group’s Profit After Tax (PAT) was N10.5 billion, compared to N9.9 billion in H1 2020/21 (six per cent- YoY growth). The Group’s solid operational performance was stimulated by strong organic growth, supported by product innovation, and continued momentum in retail sales.

The Group Managing Director of the company, Omoboyede Olusanya , in a statement said: “I am very pleased with our half year results. Despite prevailing economic challenges and tough business environment, our Group has continued to show resilience by achieving significant progress across operations and further strengthened the bottom line.

“In furtherance of FMN’s purpose of ‘Feeding the Nation, Everyday,’ and our goal to continue to create value for our esteemed stakeholders, we will remain focused on maintaining growth and sustaining profitability by increasing local content through product innovations and investing in production capacity to strengthen the value chain. We will also continue to focus on achieving operational efficiency and ensuring cost optimization across our operations.”

SOURCE: THISDAY

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