FMN Records 33% Revenue Growth In Q2

Flour Mills of Nigeria (FMN) Plc has reported strong revenue growth of 33% year-on-year, reaching N508.3 billion in the second quarter (Q2) ending on September 30, 2023.

This was revealed in the company’s unaudited results for the reviewed period, released on the Nigerian Exchange Limited.

According to the company, it recorded a gross profit growth of 53% to N55.2 billion. The Group reported a profit before tax of N1.2 billion, an increase from the previous year, with a profit after tax of N0.8 billion.

The Food segment remained the largest contributor, accounting for 68% of Q2 revenues. Food revenues grew by 50%, driven by volume growth in pasta, noodles, and other B2C categories.

The Sugar segment saw a 67% increase in revenue owing to higher sales of brown sugar and a strong base growth. The Agro-allied segment, on the other hand, recorded a 28% drop in revenues due to lower fertilizer sales.

Strong cash generation continued, with cash balances increasing by 262% year-on-year to N214.2 billion.

The Company stated that these results were achieved despite challenging market dynamics and unfolding global events like inflationary strains and the aftermath of COVID-19, showcasing the strength of the Group’s business model and its ability to adapt to evolving market conditions while delivering value to its stakeholders.

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