Flour Mills Reports N134.745bn Revenue in Q1, 2020

Flour Mills Nigeria Plc reported revenue of N134.745 billion in the quarter ended June 2020.

The number was higher than the N134.745 billion posted in the same period of 2019.

Flour Mills’ financial year begins in the April-June quarter.

In the unaudited financial statements released on Monday, the company’s gross profit rose from N16.473 billion filed in the corresponding period of 2019 to N25.549 billion in 2020.

Operating profit grew from N9.895 billion in the first quarter of 2019 to N10.991 billion in the first quarter of 2020.

This improvement continues with investment income as the total investment income expanded from N162.367 million in the corresponding period to N328.895 million in the first quarter of 2020.

Accordingly, profit before tax increased from N5.502 billion in the same period of 2019 to N6.455 billion in the first quarter of 2020.

Profit after tax inched higher to N4.971 billion in the first quarter, up from N4.237 billion in the first quarter of 2019.

Earlier this month, Flour Mills reported a 184 percent increase in profit after tax to N11.4 billion for the financial year ended March 31, 2020.

Speaking on the performance of the company in recent months, 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 percent 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 attributed 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 added that “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.”