Business
Flour Mills posts revenues of N1.697trn in 6 months, grows profit by 272%
Flour Mills of Nigeria Plc has reported revenue of N1.697 trillion for the 6 months period ended 30 September 2024. This represents a growth of 75.97% from N964.65 billion reported the previous year.
Profit after tax of N14.42 billion was achieved for the 6 months period, up by 272% from the loss after tax of N8.38 billion reported the previous year.
Earnings per share of the Group stands at N3.52.
At the share price of N64, the P/E ratio of Flour Mills stands at 18.20x with earnings yield of 5.49%.
Commenting on the half year results, Mr. Boye Olusanya, Group Managing Director/Chief Executive Officer of Flour Mills of Nigeria stated thus:
“At the core of our business operations and commitment is to build a sustainable business that is big in local content development and utilization. This commitment is what we leverage as a Group in withstanding both existing and emerging volatility in the business environment. Despite the complex macroeconomic environment, including significant FX volatility and high interest rates, we have maintained solid growth in the H1’25 across all our business segments while managing our costs and operational efficiency.”
The Food segment recorded a 74% increase in revenue to N1,140.2 billion, with improved profitability driven by optimized material costs. The Sugar segment achieved an 84% revenue growth to N274.2 billion”.