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

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.

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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.

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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.