Nigeria’s leading integrated foods and agro-allied group, Flour Mills of Nigeria Plc, owners of the ‘Golden Penny,’ brand has announced an average revenue increase of 51 per cent in its first quarter, driven by continuous improvement in the food category.
The group’s first quarter results for the year 2021/22 showed further consistent remarkable performance with strong revenue growth and Profit After Tax increasing by 10 per cent (YoY) to N5.4 billion despite headwinds.
Results from the first quarter which ended June 30, 2021 reflects FMN’s strong start with consistent top line growth and solid improvements in profit.
The group’s revenue was N233.7 billion, compared to N154.6 billion in Q1 2020/21 (51 per cent – YoY growth) – performance was impressive across all business segments underpinned by sustained demand in agro-allied, particularly in edible oils and fertiliser businesses, and continued improvements in the food segment.
The group’s Profit Before Tax was N7.3 billion, compared to N6.5 billion in Q1 2020/21 (12% – YoY growth). Volume and revenue continued to appreciate despite increases in international food prices and input costs during the review period. Profit After Tax was N5.4 billion, compared to N5.0 billion in Q1 2020/21 (10% – YoY growth).
FMN noted that increases in international food prices and input costs offset a 12 percent revenue group PBT over the review period, with a time lag to rectify the supply chain impact.
Commenting on the result, Omoboyede Olusanya, the group managing director, said: “The first-quarter result shows a strong start to the year and a promising indication of the business’s future as we pursue our strategy of operational efficiency and long-term growth.
ticularly pleased that we achieved an amazing topline growth and remained profitable, with Profit Before Tax increasing by 12 per cent and Profit After Tax increasing by 10 per cent.