LAGOS, NIGERIA — Flour Mills of Nigeria Plc posted group operating profit of naira 27.3 billion ($75.2 million) in the nine months ended Dec. 31, 2018, down 38% from naira 44.2 billion in the same period a year ago. Group revenue fell to naira 400.6 billion, down 6% from naira 427.5 billion a year ago.
In the third quarter ended Dec. 31, group operating profit fell 45% to naira 8.1 billion from naira 14.7 billion, but revenues increased to naira 130.9 billion from naira 129.1 billion.
“The results are largely a reflection of our focus on driving volume growth while improving operational efficiency and ramping up strategic marketing and promotional activities to win over new market segments in our food business,” said Paul Gbededo, group managing director. “Despite the devastating effect of the traffic congestions in Apapa on our operations, we are quite positive that we will see improvements across major business segments before the close of the financial year, as we continue to focus on delivering on our promise of quality to our consumers.
Profit before tax in the first nine months of fiscal 2019 was naira 11.3 billion, down from naira 19.5 billion in the same period a year ago.
Flour Mills of Nigeria is engaged in flour milling, production of pasta, noodles, edible oil and refined sugar, production of livestock feeds, farming and other agro-allied activities.