Flour Mills of Nigeria Plc has grown revenue by 67 per cent to N763.2bn in the first quarter ended June 30, 2024, from the N456.4bn recorded in the same period last year.
A statement from the firm on Wednesday indicated that its gross profit surged by 73 per cent to N86.9bn.
The profit for Q1 2024/2025 was N7.4bn, reversing the loss recorded in the previous year’s first quarter and returning to profit levels seen in the past two years.
The company’s operating profit rose to N49.9bn, supported by revenue growth and effective cost management strategies
The financial performance was complemented by a cash position of N159bn, providing the company with the flexibility to invest in growth opportunities and manage economic uncertainties.
Commenting on the performance, the Group Managing Director/Chief Executive Officer of FMN, Boye Olusanya, said, “Our Q1’24/25 results demonstrate FMN’s ability to deliver solid performance despite significant headwinds. We’ve shown remarkable agility in navigating the challenging macroeconomic environment, including persistent inflation and exchange rate volatilities.”
He added that the agro-allied segment saw a 68 per cent growth, driven by performance in the fertilizer and oil and fats businesses, as well as enhanced capacity utilisation.
The group’s Chief Finance Officer, Anders Kristiansson, highlighted that the company’s diversified business model provided a strong platform for sustainable growth and value creation for all stakeholders.
“Our Q1’24/25 results reflect our commitment to creating value for our shareholders. The significant strengthening of our profitability, coupled with our strong cash position, provides us with the flexibility to invest in growth opportunities and navigate economic uncertainties,” Anders stated.
He noted that as the company continued to adapt to dynamic market conditions, it remained dedicated to its purpose of “Feeding and Enriching Lives, Every Day”, while driving long-term shareholder value through strategic investments and operational excellence