Flour Mills Grew Profit by 150.3 Percent to N5.65 Billion in Q3 2020/21

Flour Mills, Nigeria’s leading integrated agro-allied business, declared strong performance for the third quarter ended December 31, 2020.

In the financial statements released on Tuesday, Flour Mills grew profit by 150.26 percent year-on-year to N5.6 billion in the third quarter.

While revenue increased by 31 percent in the quarter and the entire year, with all segments expanding by over 25 percent. Revenue rose to N200 billion in the quarter and for the entire year, revenue stood at N555 billion.

Profit Before Tax rose from N17.5 billion posted in the first nine months of 2019/20 to N23.6 billion at the end of December 2020/21.

The leading agro company grew finance income by a whooping 3,164.3 percent year-on-year to N2.5 billion while finance costs also increased by 16.28 percent year-on-year to N4.98 billion.

Flour Mills Key Financial Highlights for Third Quarter 2020/21

• Flour Mills revenue rose by 31.11 percent year on year to to N200.23 billion.
• The firm cost of sales grew by 30.3 percent year-on-year to N178.08 billion.
• Gross profit jumped by 38.02 percent on a yearly basis to N22.16 billion in the period under review.
• Distribution and selling expenses expanded by 22.53 percent to N2.35 billion.
• Administrative expenses declined by 20.90 percent to N5.33 billion in the third quarter.
• Flour Mills reduce net operating loss by 887.13 percent year-on-year to N3.72 billion.
• Operating profit appreciated by 46.02 percent year-on-yea to N11.48 billion.

Speaking on the strong performance, Boye Olusanya, the Group Managing Director, said “Our ability to stay resilient, while growing organically in a rapidly changing environment, validates our investment strategy, and the strength of our diversified portfolio.

“We are keeping in stride with the government’s vision to ensure food sufficiency and have delivered another truly remarkable result this year. Our priorities remain the same – feeding growth and productivity in Nigeria’s food and agro-allied sector, feeding communities with empowerment, and feeding Nigeria’s future with significant backward integration projects.”