Flour Mills of Nigeria Plc on Wednesday published its First Quarter result for the period ended 30 June 2023.
Revenue of N456.38 billion was reported for the three months period, up by 34.39% from N339.6 billion reported the previous year.
The operating profit dropped significantly due to foreign exchange loss of N22.5bn in the last quarter, leading to loss before tax of N9.34 billion. There was no tax expense for the period under review.
Earnings per share of the company stands at –N2.28
At the share price of N32.5, the P/E ratio of Flour Mills stands at -14.27x with earnings yield of -7.01%.
In an explanatory note to the Q1 report, Flour Mills of Nigeria stated thus:
“Without the devaluation of the exchange rate, the operating profit would have increased by 52%. Management remains optimistic that with the current government monetary policies at stabilising the FOREX market, and management continues effort in sales and marketing activities geared towards boosting our top line while keeping cost under control, we expect to see significant improvement in profit generation in the coming period”.