Flour Mills of Nigeria Plc fmn
Flour Mills of Nigeria (FMN) Plc has reported a 91 per cent increase in profit after tax for the nine months ended December 31, 2020. The unaudited Q3 result of the group showed profit after tax of N15.6 billion as against N8.2 billion recorded in 2019, representing a growth of 91 per cent YTD. On q/q basis, profit after tax according to the company was N5.6 billion up from N2.3 billion, a 150 per cent growth. Profit before tax stood at N23.6 billon from N12.3 billion during the nine months period, amounting to 92 per cent increase while on q/q profit before tax was N9 billion up from N3.7 billion, a growth of 146 per cent.
The company noted that the group sustained its drive to feed growth and productivity in Nigeria’s food and agro-allied sector in Q3’20/21 with a revenue of N200.2 billion, compared to N152.7 billion in Q3’19/20 (31 per cent – YoY growth).
For the nine months ended December 31, 2020, froup revenue was N555.3 billion, representing a 31 per cent increase compared to the same period the previous year. Growth was supported by a sustained momentum and investments in the group’s agro-allied operations “Our growth demon-strates our commitment to developing value for our consumers and Nigeria as a whole. Our Q3’20/21 results show remarkable double-digit growth across all key segments, contributing to national efforts at sustaining economic stability.
“Our businesses in the agro-allied sector continue to show impressive growth in line with projections as programs to improve farmer’s engagements in areas like seed production and out-grower schemes recorded impressive gains.