The Flour Mills of Nigeria, a food and agro-allied company, says its revenue stood at N1.2 billion as at March 2022.
This represents an increase of 51 percent compared with corresponding period in 2021 when N771.6 million was recorded.
Its Chairman, John Coumantaros, was quoted in a statement to have said this during the company’s 62nd Annual General Meeting (AGM) in Lagos.
Coumantaros, who was represented by Vice-Chairman, FMN, Paul Gbededo, said the group’s increased earnings was as a result of the company’s resiliency as well as shareholders’ support.
According to him, the group completed the acquisition of Honeywell Flour Mills Plc within the fiscal year.
Resolutions made at the meeting held on Wednesday included the shareholders’ approval of payment of N2.15 dividend for the 2022 fiscal year.
The shareholders also approved the request for company’s board of directors to raise N200 billion in additional capital.
Coumantaros said, “This acquisition created a more resilient national champion for Nigeria in the food industry, laying the groundwork for long-term growth and food security.
“Our food division’s strategic priorities are motivated by the need to become Africa’s leading consumer and business-to-business (B2B) food brand, with the goal of more than doubling earnings before interest, taxes, depreciation, and amortization (EBITDA).”
It also announced its first quarter unaudited results for the period ended 30 June 2022, which increased by 45.3 per cent in revenue to stand at N339.601 billion from N233.703 billion in 2021.
The company recorded the increase despite rising effects of inflation on the prices of goods and services.
The audited results, which were released to the Nigerian Exchange Group (NGX), showed that cost of sales increased by 47 per cent to N306.352 billion from N208.004 billion achieved in 2021.
In its financial statement, the company’s food segment contributed 63 per cent growth of the revenue to N213.166 billion from N146.925 billion in 2021.
Also, the Agro Allied segment was next with 45 per cent of the revenue with N65.652 billion from N47.588 billion in 2021, while pofit after tax rose marginally by 0.89 per to N5.495 billion in 2022 from N 5.446 billion in 2021.
