Flour Mills of Nigeria Plc recently released its audited financial results for the year ended 31 March 2012. Turnover grew by 8.2% from the N238.8bn reported for FY 2011 to N258.3bn. The companies cost profile remained high in the year under review, as direct costs increased by 10.1% year-on-year to N218.7bn from the N198.6 incurred in 2011, while operating expenses also spiked by 17.1% to N21.2bn from N18.1bn.
Subsequently, PBT and PAT recorded declines for the second year running, falling to N12.0bn and N8.4bn from N16.4bn and N9.5bn in 2011 respectively. Quarter-on-quarter, turnover dipped by 1.7% from N116.1bn in Q4 2011, while PBT dropped by 59.5% from N4.5bn to N1.8bn. PAT also dipped marginally by 1.6% from the N1.34bn in Q4 2011 to N1.32bn. Turnover came in 1.6% above our N254.1bn forecast, while PBT and PAT were 19.6% and 5.8% short of our forecasts of N15.0bn and N8.9bn respectively.
