FLOURMILL Declares N4.24 billion PAT in Q1 2019 Results,(SP:N14.85k)


Thursday, July 25, 2019   /05:00 PM / By NSE With Additional Notes From Flour Mill's Press Release 


Flour Mills of Nigeria Plc (referred to as "Flour Mills" or "FMN"), Nigeria's leading integrated food business and agro-allied Group, today announced its unaudited first quarter results for 2019, recording volume growth of 7% and improvements in PBT to N5.5 billion.


Key Highlights

  • The Group's Profit Before Tax: N5.5 billion, compared to N5.2 billion in 2018 Q1 (6% - YOY growth)

  • The Group's Profit After Tax: N4.2 billion, compared to N3.6 billion in 2018 Q1 (17%- YoY growth)

  • Finance cost: N4.5 billion, compared to N6.2 billion in 2018 Q1 (YoY). The Group's deleveraging strategy achieves desired results as finance cost drops by 27%.

  • Groups earnings: N134 billion, compared to N133 billion in 2018 Q1 (1%YoY growth)

 Proshare Nigeria Pvt. Ltd.

Operational Review

The results for the First Quarter reveal a strong performance as the Group continues to make significant gains with its strategy to improve operational efficiency and implementing cost control measures across its operations. Deleveraging and active balance sheet management strategy achieved significant reductions in finance costs which dropped by 27%.

Revenue, for the most part, remained stable, even in the light of strong economic headwinds and depressed consumer demand. Sales volumes appreciated by 7% while gross margins remained largely in line with figures from the previous year at 12.2%.

The turnaround in the Agro-Allied Division remained on track with Profit Before Tax at break-even. This was largely due to significant improvement in Premier Feeds and robust growths recorded in Golden Fertilizer. After the recently concluded restructuring and optimization of the agro-allied division, the businesses are now properly positioned to pursue value accretive opportunities which we envisage will continue to yield positive results in the year.

Commenting on the result, Paul Gbededo, the Group Managing Director, said:

"The first quarter result is a good start to the year and a great reflection of the direction that the business is headed as we continue to push our strategy of operational efficiency and sustainable growth. We envisage even more organic growth across the food segments, with anticipated moderations in cost of sales, as global wheat prices reduce and our improved investments in aligning marketing, sales and distribution activities boost earnings and increase market gains."


Visit Flour Mills of Nigeria Plc IR Page in Proshare MARKETS


Graph � One Year Share Price Movement

Proshare Nigeria Pvt. Ltd.


Related News

1.           FLOURMILL Declares N4.00bn PAT in 2019 Audited Result,(SP:N16.20k)

2.          FLOURMILL Notifies of Late Filing of the Company's 2019 AFS

3.          FLOURMILL Notifies of a Court Ordered Meeting of the Share Holders of the Company

4.          FLOURMILL Declares N7.89 bn PAT in Q3'19 Results,(SP:N19.00k)

5.          Flour Mills of Nigeria Plc Q1 2019 Conference Call and Earnings ...

6.          FLOURMILL to Hold Its 58th AGM on Thursday, 3oth August 2018

7.           FLOURMILL Announces to Pay Final Dividend for the Year Ended 31st March 2018

8.          Conference Call Memo on Flour Mills of Nigeria Plc FY 2018 Results

9.          FLOURMILL to Hold Its AGM on Thursday, 30th of August, 2018

10.       Flour Mills of Nigeria Q4 2018 Results - Sales Down by -14% YoY to N115.16bn

11.        FLOURMILL Declares N13.62bn PAT in 2018 Audited Result,(SP:N32.00k)

12.       Flour Mills of Nigeria Plc Rights Issue Closes on 21 February 2018

13.      Flour Mills of Nigeria Plc Proposed 1.48bn Rights Issue

Related News