February 05, 2018 /3;45 PM /NSE
Flour Mills of Nigeria PIC, market leader in food and agro-allied products in Nigeria, today announced its unaudited ﬁnancial statements with record growth in profitability for the nine months ended 31st December 2017.
Group recorded revenue of N427.5 billion, up from N389.9 billion, in 2016, giving a 10% year-on-year growth.
Profit Before Tax of N19.50 billion, compared to N10.3 billion, in 2016, a year-on—year growth of 39%
Profit After Tax of N13.27 billion, compared to N7.39 billion, in 2016, a year—on—year Increase of 80%
Earnings per share of 456k, up from 250k, in 2016, showing an impressive 82% year-on— year growth
The food business is responsible for an increase of N44.7 billion of the Group's turnover, coming from our Flour, Pasta and noodles product portfolio.
The packaging business of the Group contributed N1 billion to the Group's profit, an Increase of 150%
The Group recorded a net operating gain position of N5.5 as at 31st December 2017. This Was because of lower foreign exchange rates during the period in review
Flour Mills of Nigeria Plc (The Company):
The Company recorded a turnover of N303 billion, up from N278 billion, a year-on—year increase of 9%. Increase in revenue is attributed mainly to better price management and improved price control.
Proﬁt Before Tax of N18.2 billion, compared to N10 billion, a year-on—year growth of 82%
Profit After Tax of N13.15 billion, compared to N7.21 billion, in 2016, a year-on—year growth of 82%
With a view to significantly improve on working capital, whilst reducing debts, the company recently proceeded with its Rights Issue Programme. It is expected that the Programme will strategically position the company for sustainable growth.
Commenting on the result, Paul Gbededo, our Group Managing Director, stated:
"We are delighted to report another quarter of solid performance, despite harsh operational enviromnents, which have been compounded further by traffic congestions in Apapa.
Our food business has continued to Show impressive results, in line with our strategy to lead the market in all major categories. We shall continue to drive efﬁciency and grow our footprints in the Agro-allied segments also in achieving our core focus of. feeding the nation, everyday”.
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