Flour Mills posts sales of N1.2 billion in March

1 The flour mills of Nigeria Plc, a food and agribusiness company, says its revenue stood at N1.2 billion in March.

2 This represents a 51% increase from the 771.6 million naira recorded in March 2021.
Its chairman, John Coumantaros, was quoted in a statement as having said this during the company’s 62nd anniversary. Annual General Meeting (AGM) in Lagos.

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3 Coumantaros, who was represented by the vice-president, FMNPaul Gbededo, said the increase in group profits was the result of the resilience of the business as well as the support of shareholders.

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4 According to him, the group has finalized the acquisition of Honeywell Plc Flour Mills during the exercise.

5 Resolutions taken at the meeting held on Wednesday included the approval by shareholders of the payment of a dividend of 2.15 naira for the financial year 2022.

6 Shareholders also approved the company’s board request to raise N200 billion of additional capital.

seven Coumantaros said, “This acquisition has created a more resilient national champion for Nigeria in the food industry, laying the foundation for long-term growth and food security.

8 “Our food division’s strategic priorities are driven by the need to become Africa’s leading consumer and business-to-business (B2B) food brand, with the goal of more than doubling earnings before interest, taxes, depreciation and amortization (EBITDA).

It also announced its unaudited first quarter results for the period ending June 30, 2022, which increased its revenue by 45.3% to N339.601 billion from N233.703 billion in 2021.
The company recorded this increase despite the growing effects of inflation on the prices of goods and services.

The audited results, which were shared with the Nigerian Exchange Group (NGX), showed that cost of sales increased by 47% to 306.352 billion naira from 208.004 billion naira in 2021.
In its financial statements, the company’s food segment contributed to a 63% growth in revenue to N213.166 billion from N146.925 billion in 2021.
Further, Agro Allied segment was next with 45% of revenue with N65.652 billion from N47.588 billion in 2021, while profit after tax increased slightly by 0.89 to N5.495 billion in 2022 from 5.446 billion naira in 2021. .

NewsSourceCredit: NOPE


Sallie R. Loera