Flour Mills of Nigeria Plc has announced a strategic investment in a fertilizer Blending Plant and also a bid for silo complexes from the Federal Ministry of Agriculture and Rural Development.
The fertilizer blending plant which is located in Kudenga, Kaduna State has reached an advanced stage and will be due for production by the next planting season.
The company through its subsidiaries is also participating in the ongoing bidding exercise for the silo complexes, however, the company has been granted concessions for three of the silos.
Recently, the Federal Government announced plans to concession 22 out of its 33 silo complexes across the country to the private sector. The new concession plan is expected to ensure availability of affordable grains across the country.
Also recently, the company commissioned its Sunti Golden Sugar Estates located in Mokwa Niger State with 100,000 tonnes capacity sugar processing plant.
The company’s 9-month financial statement result for the year ended 31st December 2017 shows a 9.6% rise in revenue from ₦389.9 billion in Q3 2016 to ₦427.5 billion in Q3 2017. The profit before tax also grew by 89.5% from ₦10.3 billion in Q3 2016 to ₦19.5 billion in Q3 2017.
Flour Mills closed at ₦35.20 in yesterday’s NSE trading session. The company recently concluded a rights issue, proceeds of which will be used to deleverage its balance sheet.
Flour Mills of Nigeria Plc (FMN) was incorporated on 29th September 1960 as a private limited liability company converted to a public company in November 1978.
The group is primarily engaged in flour milling; production of pasta, noodles, edible oil and refined sugar; production of livestock feeds; farming and other agro-allied activities; distribution and sales of fertilizer; manufacturing and marketing of laminated woven polypropylene sacks and flexible packaging materials.