Flour Mills grows post-profit by 16.1%

Flour Mills Nigeria Plc (FMN), a major player in the country’s Consumer Goods Sector increased  its grew its post-tax profit by 16.1 per cent in its first three months, which started half April – June 2019.

The company also grew its revenue by 1.3 per cent, on the back the 20.3 per cent and 3.8 per cent rise in Revenues from the sales of Sugar (to ₦24.08 billion) and Agro-Allied products (to ₦25.64 billion) respectively, compared to the corresponding period of 2018, despite the 24.7 per cent and 2.6 per centre duction in Revenues realized from Supportive Services (to ₦3.47 billion) and sales of Food Product (₦81.56 billion)

Flour Mills Nigeria succeeded in cutting finance cost by 26.6 per cent  to ₦4.55 billion during this period due to the company’s  gradual drift away from expensive short-term financial instruments to more-cost-effective long-term instruments.

Consequent upon the above, the group’s Profit Before Tax (PBT) and Profit After Tax (PAT) climbed by 5.5 per cent and 16.1 per cent to ₦5.50 billion and ₦4.24 billion respectively in Q1’19 financial year, as against ₦5.21 billion and ₦3.65 billion in the same period of 2018. In addition, Earning Per Share (EPS) for Q1’19 printed at ₦1.03k; representing a 14.4 per cent increase over the EPS of Q1’18.