Flour Mills of Nigeria Plc, has announced an average revenue increase of 51 percent in its first quarter, driven by continuous improvement
The Group’s first-quarter results for the year 2021/22 showed improved performance with revenue growth and Profit After Tax increasing by 10% to N5.4 billion despite headwinds.Results from the first quarter which ended June 30, 2021, reflect FMN’s strong start with consistent topline growth and solid improvements in profit.
The Group’s Profit Before Tax was N7.3 billion, compared to N6.5 billion in Q1 2020/21 . 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 .FMN noted that increases in international food prices and input costs offset a 12 percent revenue group profit before tax over the review period, with a time lag to rectify the supply chain impact.
The firm pledged to carry on with its long-term investment strategy in product development and route-to-market initiatives, with a strong emphasis on backward integration across all value chains.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.
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