Revenue for the period was 427.5 billion naira, a slight increase from 389. 9 million naira in the same period last year.
The company said there were three trends that impacted the operating environment:
• The economy continues to show improvement at the macro level
• The naira continues to display stability, aided by a firm oil price and steady capital flows
• Moderation in inflation has been experienced.
“Expectations are nevertheless for continued improvement in the economic outlook, with the IMF projecting 2.1% growth in 2018, citing recovery in oil production, continued growth in agriculture and higher public investment catalysts,” the company said.
Revenue for the Food Segment was 335.5 billion naira, up from 290.7 billion naira. Profit before tax also increased to 27.34 billion naira from 12.26 billion naira in the same quarter last year. Food remains the main driver of growth, led by flour, semolina and pasta.
In the Agro Allied segment, Flour Mills of Nigeria reported a nine-month period revenue of 75.87 billion naira, down slightly from 83.55 billion naira. The company sustained a loss in the segment of 103,026 naira compared with a profit of 5.84 million naira in the same quarter a year earlier.
“Losses in Agro Allied related to our start-up of Sunti sugarcane planation as well as ROM Oil,” the company said. “However, in line with management expectation.”