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Home Business News

Flour Mills of Nigeria Plc: Increase in agro-allied, others boost revenues

Adeyemi Adebayo by Adeyemi Adebayo
October 31, 2020
in Business News
Flour Mills makes one of the largest contributions to COVID-19 relief fund, Bloody February: Sell off of shares by investors extend Flourmillers loss on NSE to N25 billion
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Flour Mills of Nigeria Plc reported revenues of N355.11 billion in 2020 HY, compared to N270.76 billion in the corresponding period of 2019.

READ: Guinness Nigeria Plc jostles to improve from its insipid 2020 financial year

Key highlights for 2020 HY

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  • Revenues increased to N355.11 billion, +31.15% YoY
  • Revenues from food increased to N215.90 billion, +26.97% YoY.
  • Revenues from agro-allied increased to N72.06 billion, +45.87% YoY.
  • Revenues from sugar increased to 58.19 billion, +29.47% YoY.
  • Revenues from support services increased to 8.97 billion, +40.62% YoY.
  • Administrative expenses decreased to 13.01 billion, +23.71% YoY.
  • Gross profit increased to N50.29 billion, +58.26% YoY.
  • Pre-tax profits increased to N14.61 billion, +69.17% YoY.
  • Earnings Per Share increased to 233 kobo, +52.29% YoY.

READ: Trans-Nationwide Express Plc suffers N79 million loss in Q3 2020

READ: MTN Nigeria records 16.6% increase in revenue in Q3 2020

Bottom Line:

Flour Mills of Nigeria Plc got a major boost from an increase in its agro-allied revenue-generating unit. Revenues from the other three revenue-generating segments also increased.

Companies have generally recorded decreased revenues in the last three quarters mostly due to COVID-19. However, Flour Mills of Nigeria Plc was able to increase its total revenues. Pre-tax profits also increased thanks to a reduction in administrative expenses.


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Tags: Business NewsCompany Financial ResultsCOMPANY RESULTSFlour Mills of Nigeria Plc
Adeyemi Adebayo

Adeyemi Adebayo

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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