Flour Mills of Nigeria Plc (FMN), food and agro-allied firm, has announced its financial results for the half-year ended September 30.
FMN achieved growth of 76 per cent to N1.697.5 billion, compared to N964.6 billion in the same period last year. Its Gross Profit saw a 73 per cent rise to N182.1 billion, while Operating Profit grew by 40 per cent to N105.9 billion.
Commenting on the results, Mr. Boye Olusanya, managing director/chief executive officer, said: “At the core of our business operations and commitment is to build a sustainable business that is big in local content development and utilisation. This commitment is what we leverage as a group in withstanding existing and emerging volatility in the business environment. Despite the complex macroeconomic environment, including FX volatility and high interest rates, we have maintained solid growth in all our business segments.”
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The food segment recorded a 74 per cent increase in revenue to N1,140.2 billion, with improved profitability. The sugar segment got a 84 per cent growth to N274.2 billion.
Speaking on its financial position, Anders Kristiansson, chief Finance officer, said “our results reflect our commitment to maintaining strong financial performance. With a cash position of N149 billion we have the financial flexibility to support our operations and future growth initiatives.