Flour Mills of Nigeria Plc (FMN), Nigeria’s leading integrated food business, has announced stable financial results for the third quarter of 2024, highlighting volume growth, improved profitability, and strong performance across its core business segments.
Gross profit increased by 264 per cent to N125.3 billion compared to the equivalent period of prior year. Profitability also remained resilient, with profit before tax increasing 29 per cent to N8.5 billion despite a volatile macroeconomic climate and foreign exchange headwinds.
FMN recorded standout performance in its largest division, Food, which accounts for over 60 per cent of Group revenue. Food division sales expanded 39 per cent driven by factors like new product development, optimised distribution channels, and production enhancements. Strong growth was achieved from the regional targeted affordable brands, Auntie B and MaiKwabo, which registered a 58 per cent volume uplift vs LY. The main national brand, Golden Penny, also witnessed a solid growth. The division continues to drive cost optimization, especially on key raw materials like wheat.
In the Agro-Allied segment, FMN achieved strong growth, led by the resilience of its Animal Feeds business, and increase in Export sales in its Oils and Fats business.
Speaking on the group’s agile business strategy, Boye Olusanya, the group managing director/chief executive officer of FMN stated.
“The success and sustenance of the FMN Brand is a promise made to all our shareholders/stakeholders. Our collective action as a Group is therefore geared towards keeping this promise. Progressively, we shall continue to boost our global competitiveness and viability to ensure that FMN is positioned to thrive amidst unprecedented environmental changes. In addition, the launch of the Power Company, will further improve the efficiencies and transform our structure/operations.”
Also commenting on the Group’s viable performance, The Group’s Chief Finance Officer, Anders Kristiansson said “Our consistent execution and growth underscores FMN’s financial and operational resilience. As we drive more efficiencies across the group, we expect to continue delivering value in line with our long-term strategic plan.”
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