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Flour Mills declares N5.65 billion profit in Q3 2020

Flour Mills declared a profit of N5.65 billion in Q3 2020, a 150.26% improvement from 2019 figures.

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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

Nigeria’s largest and oldest integrated agro-allied business, Flour Mills Nigeria Plc, declares in its latest quarterly filings that it made a profit of N5.65 billion in the third quarter ended, 31st December 2020.

This is according to the figures disclosed in the company’s recent financial statement, which was published on NSE’s website this morning.

The report revealed that the profit which Flour Mills made in the third quarter of its accounting year 2020/2021 rose by a whopping 150.36% when compared to the profit it made in the corresponding period of 2019.

Key Highlights

  • Revenue increased to N200.23 billion, up by 31.11% Y-o-Y.
  • Cost of sales increased to N178.08 billion, up by 30.3% Y-o-Y.
  • Gross profit increased to N22.16 billion, up by 38.02% Y-o-Y.
  • Selling and distribution expenses increased to N2.35 billion, up by 22.53% Y-o-Y.
  • Administrative expenses decreased to N5.33 billion, down by 20.90% Y-o-Y.
  • Net Operating loss of N3.72 billion was recorded, indicating a decline of 887.13% Y-o-Y in net operating profit.
  • Operating Profit increased to N11.48 billion, up by 46.02% Y-o-Y.
  • Finance income increased to N2.5 billion, up by 3,164.3% Y-o-Y.
  • Finance costs increased to N4.98 billion, up by 16.28% Y-o-Y.
  • Profit for the period increased to N5.65 billion, up by 150.26% Y-o-Y.

Despite prevailing economic headwinds, the Group continued to show sustained growth in its core segments, as it capitalized on the immense value inherent in the agro-allied industry, with core leverage on the strategic placement of the Group’s business in the agricultural value chain, its rich brand profile, and robust distribution network.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Company Results

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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Focus: This small-cap oil company is seriously lagging behind

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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Company Results

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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