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Flour Mills of Nigeria earns N1.1tr turnover in 9 months

Flour Mills of Nigeria Plc (FMN) and owner of the iconic brand, Golden Penny, yesterday announced the release of its unaudited nine months of financial…

Flour Mills of Nigeria Plc (FMN) and owner of the iconic brand, Golden Penny, yesterday announced the release of its unaudited nine months of financial results with N1.1 trillion turnover.

The results showed that it achieved N1.114tr in revenue for the first time, demonstrating sustained momentum across all business segments compared to the previous year of N825 billion.

It further stated that the overall revenue grew by 35% across all business segments, with food, agro-allied and sugar all growing between 34% to 39% respectively.

And gross profit reached N103 billion in 9M’ 23, up 29% compared to 9M’ 22 and 33% quarter on quarter. Operating Profit grew by 28% in 9M’ 23 with a 32% growth quarter on quarter.

Commenting on the Q3 financials, Boye Olusanya, the group managing director, said: “The Q3 earnings trend is a clear demonstration of the group’s commitment to carrying out its overall long-term strategy of maintaining growth and sustaining profitability by significantly investing in the development of local content through product innovation across our core value chains.

 

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