Flour Mills posts N523bn revenue in 6 months

Flour Mills of Nigeria Plc has announced its unaudited half-year results for the year 2021/22 showing N523 billion group revenue, representing a 47 per cent increase from N355bn in the half-year 2020/21.

Also, its Profit after Tax grew by six per cent compared to the same period last year.

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The group’s profit after tax was N10.5bn, compared to N9.9bn in the half-year of 2020/21, showing a 6% growth during the period.

Commenting on the result, Omoboyede Olusanya, the Group Managing Director said: “I am very pleased with our half-year results.

“Despite prevailing economic challenges and a tough business environment, our group has continued to show resilience by achieving significant progress across operations and further strengthened the bottom line.

“In furtherance of FMN’s purpose of ‘Feeding the Nation, Every Day,’ and our goal to continue to create value for our esteemed stakeholders, we will remain focused on maintaining growth and sustaining profitability by increasing local content,” he noted.

Olusanya who also spoke on the side-lines of the 27th Nigeria Economic Summit convened in Abuja by the NESG, said Nigeria produces about 22 million tons of grains whereas the country needs 60 million tons annually.