Flour Mills of Nigeria Plc Profited N41bn in 2021

flour mills of nigeria plc profited n41bn in 2021
flour mills of nigeria plc profited n41bn in 2021

Flour Mills of Nigeria Plc (FMN) reported a pretax profit of N41 billion for the 2021/2022 fiscal year, an 11% rise over the N37 billion profit reported for the 2020/2021 fiscal year.

In a statement issued yesterday, the group said that its top-line growth for the whole year across all business divisions was 51%, while investments in local content and advances in the agro-allied industry contributed 47% (N19 billion) to the group’s profit before tax.

It said that its business continued to display resilience and good performance throughout the food, agro-allied, and support areas, allowing it to strengthen its position as the market leader in flour, semolina, and pasta following approval of the purchase of Honeywell Flour Mills Plc.

Commenting on the outcome, the Group Managing Director of FMN, Omoboyode Olusanya, pledged to implement a “long-term plan with additional investments in local content through product innovation throughout our five core value chains.”

He announced the acquisition of Honeywell Flour Mills Plc (HFMF) and added that the company’s portfolio would be strategically positioned to capitalise on prospects from the African Continental Free Trade Area as a result (AfCFTA).

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