Nigeria’s leading food and agro-allied business, Flour Mills of Nigeria Plc (FMN) yesterday released of its unaudited financial results for the nine months((9M) ended December 31, 2022. The 9M results show remarkable revenue growth, from N825 billion to N1.114 trillion.Information Guide Nigeria

THIS DAY reports that the company’s revenue grew by 35 per cent across all business segments, with Food, Agro-Allied and Sugar all growing between 34 per cent and 39 per cent respectively. Gross profit stood at N103 billion, up 29 per cent from N80.22 billion.

Flour Mills of Nigeria Plc total results were affected by the integration of Honeywell Flour Mills Plc (HFMP) integration, which has been successfully ongoing since the takeover on May 12th, 2022.

The acquisition involved some initial integration costs and Honeywell posted a loss of N10.3 billion by at the end of December 2022.

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The Group Managing Director, Boye Olusanya, said:“The Q3 earnings trend is a clear demonstration of the Group’s commitment to carrying out its overall long-term strategy of maintaining growth and sustaining profitability by significantly investing in the development of local content through product innovation across our core value chains.NYSC portal

”Also, as is established by the significant increase in revenue and growth from the Agro-allied category of the Group’s touch-points, we are committed to achieving economies of scale in food production via crop-specific value chain by increasing productivity and ultimately driving the nation’s attainment of food self-sufficiency.”

FMN’s Food business also recorded 36 per cent top-line growth largely due to continued focus on retail expansion and proactive pricing to cushion steep input costs.

Revenue in the Fertilizer business grew by 39 per cent driven by robust performance across its categories.

Agro-Allied recorded a 64 per cent growth in revenues and 82 per cent profit growth driven by the inauguration of new fertilizer blending plant in May 2022.

The oils and fat business grew by 54 per cent driven by increased volumes due to intensified milling activities while the animal feeds business reported 20 per cent top-line growth owing to increased product availability.

As reported by THIS DAY, the Golden Sugar recorded an impressive 34 per cent revenue growth; this was achieved due to increased volumes, various customer engagement and popularity of our locally produced brown sugar.JAMB Result

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