. Shows remarkable growth in all key segments of Food, Agro-Allied and Sugar

. Feeding the Nation every day’, FMN puts 2020 focus on improved customer experience and sustainable growth 

. Agro-Allied business sees astounding profit growth in Oil and Fats and Proteins

August 19, 2020/ANA PR

. Proposes final dividend increase of N17% to N1.40 for every ordinary share of 50 kobo.

FMN (Flour Mills of Nigeria PLC) the largest Agro-Allied and food group on the Continent of Africa, recently announced its audited financial performance for the 2019/2020. The report released on the 3rd August to the Nigerian Stock Exchange, highlights a number of remarkable achievements despite the prevailing economic headwinds and difficult operating terrain in Apapa, Lagos. 

In line with the group’s management focus of developing Nigeria’s self-sufficiency within the agricultural value chain, FMN has invested heavily (over 150 billion Naira) in recent years to ensure Nigeria has the infrastructure and capabilities to create its own raw materials to support the food sector. This is now clearly paying off as the Agro-allied segments saw strong profit growth in Oils and Fats and Proteins, with a Gross profit doubling both segments on an annual basis. 

The Group realized a revenue growth of 9% (YoY) to N574 billion naira, Profit Before Tax also increased by 72% (YoY) to N17.5 billion Naira and a whopping 184% (YoY) Profit After Tax increase to 11.4 billion Naira.

Commenting on the result, Paul Gbededo, the Group Managing Director said:

“The 2019/20 financial year was a remarkable year for our Group and I am really pleased with the result. Our Profit Before Tax saw a remarkable increase of 72% to 17.5 billion Naira, while our Profit After Tax nearly tripled from 4.0 billion Naira last year to 11.4 billion Naira in the current year. This is partly attributable to the improved performance of our Agro Allied Businesses and in line with our strategy to continue to grow the wealth of our shareholders.”

He further stated:

“We will remain focused on increasing operational efficiency within the group as we continue to implement our accelerated cost optimization plans across all businesses to ensure profitability in the new operating environment.”