LAGOS, NIGERIA — Dangote Flour Mills reported on Sept. 21 a loss of N117 million ($743,546) due to high operational costs, compared to a profit of N441 million ($2.8 million) in 2011.
The company reported gross profit of N2.61 billion.
Distribution and administration expenses rose from N1.022 billion in 2011 to N2.013 billion in 2012. Net financing cost rose from N365 million to N722million.
The company said management would continue to work hard to deliver improved returns to shareholders in the 2012 financial year.
According to the statement, DFM would perform better as the company completes expansion of its manufacturing and packaging facilities, which started some years back.
“Dedicated plant for production of our wheat meal brand Alkama and Danvita would soon be ready for commissioning any moment,” the company said. “This would no doubt, tremendously boost our top line growth this year as plans are already in place to massively launch the products and increase the distribution networks to all the hinterlands.”