Flour Mills Profit Rises to N41bn in 2021

Flour Mills of Nigeria Plc (FMN) says it recorded N41 billion profit in the 2021/2022 financial year before tax which is 11 per cent increase year-on-year growth from N37bn it recorded in 2020/2021.

According to the group, it states that its top-line growth for the full year across all business segments saw a revenue growth of 51% while investments in local content with improvements in the agro-allied business contributed 47% (N19bn) to the group’s profit before tax.

It pointed out that its business continued to demonstrate resilience and strong performance across the food, agro-allied and support segments which has enabled it to strengthen its position as the market leader in flour, semolina and pasta having obtained approval for the acquisition of Honeywell Flour Mills Plc.

Also Read: Tax – FIRS To Deduct Govts’ Unpaid VAT, WHT From FAAC Account 

Commenting on the result, the Group Managing Director FMN, Omoboyede Olusanya, expressed commitment in implementing a “long-term plan with further investments in local content via product innovation across our five major value chains.”

He further explained that the acquisition of Honeywell Flour Mills Plc (HFMF) adding that the attendant differentiated offers would increase its portfolio which is strategically positioned for opportunities from the African Continental Free Trade Area (AfCFTA).