The total assets of Northern Nigeria Flour Mills (NNFM) grew by 34 per cent to N17billion in the 2022/2023 full financial year from N13.3 billion the previous year.
Similarly, NNFM’s equity has experienced inspiring growth, reaching an impressive N6.5 billion, a substantial increase from N2.8 billion in the preceding year, an achievement primarily attributed to the phenomenal growth of the revaluation reserve, which has soared to a staggering N5 billion.
Demonstrating the efficacy of its cost management strategies and its ability to optimise operational efficiencies, NNFM’s profitability also witnessed an exceptional increase as the company’s operating profit rose to N567.7 million, a substantial increase from N388 million in the previous year.
Furthermore, NNFM’s profit for the year, he said, has soared to a remarkable N272.8 million, showcasing a significant improvement from N80.6 million in the prior year, as the company said its outstanding results exemplify NNFM’s agility in adapting to market dynamics, satisfying consumer demands, and capitalising on promising growth opportunities.
Reacting to the result, the group managing director/CEO of Flour Mills of Nigeria, Mr. Omoboyede Olusanya, said: “Northern Nigeria Flour Mills continues to excel as a strategic subsidiary within our esteemed corporate group. These remarkable financial results reflect our collective efforts in fostering innovation, operational excellence, and customer-centricity. We commend NNFM for its outstanding performance and look forward to further growth and success in the future.”
The managing director of NNFM, Mr. Adrian Naidoo, expressed his delight at the company’s impressive financial performance, stating that this result and the firm’s outstanding growth were a testament to its unwavering commitment to excellence, continuous improvement, and the resilience of its dedicated team.
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