- Flour Mills Targets N1.2trn Revenue in Five Years
The management of Flour Mills of Nigeria Plc has assured trade partners of plan to double the company’ production capacity in the next five years. The company also outlined an ambitious business plan for the next five years.
Group Managing Director of the company, Paul Gbededo, told stakeholders, including distributors at the 2019 Distributor’ Award that the 59-year-old company was targeting to double its business within this period from N600 billion revenue to over N1.2 trillion in 2024.
He stated that the strategy of the business expansion of the company which has over the years diversified into fast moving consumer goods was not only organic growth, but acquisitions and partnerships.
The Managing Director, who disclosed that the company now controls about 42 per cent of the flour business in Nigeria, stated that the business expansion was to ensure that the vision of feeding the nation and Africa is realized.
“Value and job creation is our focus and that will be in the downstream. It is not just good to acquire assets in the upstream but we need to focus on the downstream and create more value,” he stated.
To ensure continuous business growth, the manufacturing company rewarded its business partners for their contributions to the FMN business growth. The event which was attended by over 500 guests, culminated in the handing over of 17 trucks to the top performing dealers. Top five dealers were celebrated with the special award of 30-ton trucks and trailers which further expands their business model with primary distribution capability.
This year’s conference theme, “Breakthrough partnering for growth,” looked back at the rich and unique heritage the company shares with its partners and reinforced the continued commitment towards mutual profitability and growth.
“Our success story as the leading consumer business in Nigeria, will not be complete without our esteemed dealers and partners who form an integral part of how we are achieving our purpose of feeding the nation every day.’ As we continue to look towards the future, our aim is essentially to promote stronger ties with our partners, because we know that the sustainability and future growth of our business depend on it” Gbededo said.
In his comment, Managing Director, Foods division of the company, Devlin Hainsworth, said: “After nearly sixty years of doing business in Nigeria, we can say that there are very few companies in Nigeria today, who understand the business environment as we do. FMN has a culture of winning, that is backed with a robust portfolio of quality products many bearing the Golden Penny name, and sound consumer and market fundamentals that are necessary to drive sustainable future growth”