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.