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February 6, 2024/Futureview Research

Highlights of FMN Earnings Report:

Flour Mills of Nigeria Plc’s 9 Months Financial Results, released on January 26, 2024, disclosed a noteworthy 123% surge in Gross Profit, totaling N230.65 billion, despite prevailing macroeconomic challenges. This uptick in revenue was propelled by substantial growth in the sugar segment (74%), Food segment (44%), support services segment (23%), and agro-allied segment (8%), collectively constituting 40% of the total revenue for the period. However, despite this robust top-line performance, the Group could not translate it to the bottom line, due to upsurge in operating cost, with profit after tax witnessing a significant 97% decline, concluding the period at N379.99 million.

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