👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

Business NewsNews

Flour Mills of Nigeria Records N1.1trn Revenue in Nine Months

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.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

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.

Other Top Stories:

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.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

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

Check JAMB Result

Check and Confirm: How much is Dollar to Naira




Immigrate to Canada Via Job Offer!

Get latest Jobs in Canada for foreigners with visa sponsorship 2023 and how to apply. Don't miss this opportunity that can help you relocate to Canada with your family.


Click here to Subscribe

👍Advertise your business on InfoGuideNigeria.com!

From just N9,999 per month, you can advertise your products and services to over 1,500,000 monthly users on our website. Click here to read more.

🤑 Make Money now!

👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.
👉 Make Money as InfoGuideNigeria Advertising Agents, read more here

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment. . Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,. . All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA). .
The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.
. We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker