Flour Mills of Nigeria Plc has released its condensed consolidated and separate interim financial statements for half-year 2019. The condensed reports showed that the group’s profit increased by 16% even though the revenue witnessed a slight increase. See the key breakdown below.
Revenue: The Group’s condensed revenue for the half-year period of 2019 stood at N270.76 billion, indicating a 0.37% increase when compared to N269.73 billion during the comparable period in 2018.
Gross Profit: The firm recorded 31.77 billion in gross profit as at the end of H1 2019, signalling a slight reduction from 32.11 billion recorded as at the end of H1 2018. This represents a slight decrease of 1.06%.
Profit before Tax: Profit before tax for the group stood at N8.63 billion for H1 2019, representing a slight increase of 4% when compared to N8.30 billion for the period under review.
Profit after Tax: As at H1 2019, Flour Mills of Nigeria Plc recorded a profit after tax of N5.90 billion, up from N5 billion as at H1 2018, representing a 16.44% profit growth.