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.