Flour Mills of Nigeria Plc, a food and agro-allied company, reported a 49 per cent increase in revenue to N2.3tn for the year ending March 31, 2024, compared to N1.5tn in the previous year.
This was indicated in its audited financial statements filed with the Nigerian Exchange Limited on Monday.
Sustained demand in the group’s business segments — food, agro-allied, sugar, and support services — was the main driver of its revenue.
When profit before taxes and foreign exchange impact improved by 90 per cent to N141 billion, the company’s gross profit climbed by 54 per cent to N273 billion.
The group generated significant cash flow, with a solid net cash position of N176bn.
Speaking on the performance, FMN’s Group Managing Director/Chief Executive Officer, Boye Olusanya, said, “Our consistent execution and growth underscore FMN’s financial and operational resilience. Despite the challenging economic environment, we have solidified our position as a market leader in the Food and Agro-allied sector, driven by innovative product offerings and efficient operations.”
Also, the group’s Chief Finance Officer, Anders Kristiansson, noted, “As we drive more efficiencies across the group, we expect to continue delivering value in line with our long-term strategic plan.”
It is based on this mandate that the board also approved 180 kobo dividends for our shareholders, a decision driven by our value delivery mandate. Our solid cash generation and reduction of Net Debt provides the flexibility to navigate economic uncertainties and invest in growth opportunities.”
