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

Flour Mills of Nigeria Plc got a major boost from an increase in its agro-allied revenue-generating unit.

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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

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

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

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Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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