Company's Food segment profit tops naira 12.3 billion in nine-month period.
Photo courtesy of Flour Mills of Nigeria.
Photo courtesy of Flour Mills of Nigeria.
Profit before tax totaled naira 1.5 billion in the quarter, which compared with a loss of naira 4.3 billion in the same period a year ago.
Revenue for the quarter increased 56% to naira 134.6 billion.
For the first nine months of the year, the company had total comprehensive income of naira 7.4 billion, down from naira 19 billion in the same period a year earlier.
The company’s Food segment posted nine-month profit of naira 12.3 billion, up from a loss of naira 4.5 billion for the same period a year ago. Revenue for the segment increased 51% to naira 290.7 billion.
The Agro Allied segment also saw a revenue increase of 41% to naira 83.6 billion. Nine-month profit for the segment was naira 2.3 billion, up from naira 1.5 billion a year earlier.
Flour Mills of Nigeria primarily is engaged in flour milling; production of pasta, noodles, edible oil and refined sugar; production of livestock feeds, farming and other agro-allied activities; distribution and sale of fertilizer; manufacturing and marketing of laminated, woven polypropylene sacks and flexible packaging materials; operation of terminals A and B at the Apapa Port; customs clearing and forwarding agents and shipping agents and logistics.
