Flour Mills of Nigeria sees profit in quarter

by Susan Reidy
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Flour Mills of Nigeria
Revenue up on volume growth across segments.
 
LAGOS, NIGERIA  Flour Mills of Nigeria Plc posted profit before tax of naira 2.9 billion ($9.1 million) for the quarter ended Sept. 30, up from a loss of naira 810 million for the same period a year earlier.

Revenue for the quarter increased 44% to naira 136 billion, despite continuous economic challenges, the company said. It attributed the revenue increase to volume growth across most of its businesses along with better price management, cost cutting and production efficiency.

The net operating gains and losses included naira 9.2 billion, which represents the exchange rate difference between the time of acquiring materials and payment date.

For the first six months of the year, the company posted profit before tax of naira 8.8 billion, down from naira 24.1 billion in the same period a year earlier.

The company’s Food segment reported six-month profit of naira 6.3 billion, up from a loss of naira 1.4 billion for the same period a year ago. Revenue for the segment increased 50% to naira 195.9 billion.

The Agro Allied segment also saw a revenue increase of 36.8% to naira 52.2 billion. Six-month profit for the segment was naira 2.2 billion, up from naira 1.7 billion a year earlier.
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