- Flour Mills Grew Half-year Profit by 53%
Food and agro-allied products group, Flour Mills Group, has reported a 53.18 per cent rise in its half-year profit before tax.
Its unaudited 2017 half-year results showed continued growth through most segments of the business.
The group’s profit before tax for the period was N13.48bn as against N8.80bn for the same period in 2016, while profit after tax stood at N9.36bn, compared to N6.46bn for the same period in 2016.
At the group level, revenue was N298.44bn for the six months ended September 30, 2017, an increase of 17 per cent when compared with N255.3bn of the same period last year.
For Flour Mills of Nigeria Plc, the company recorded a revenue of N216.77bn which was an increase of 16 per cent when compared to N186.07bn for the same period in 2016.
It recorded a 51 per cent increase in profit before tax at N12bn compared to N8bn for the same period in 2016.
The company’s finance cost also increased compared to the corresponding period of 2016 due to higher interest rates.
Commenting on the result, the Group Managing Director, Flour Mills, Paul Gbededo, said, “Our half-year results show continued growth through most segments of our businesses, especially in the food business, delivering strong top and bottom line financials in line with our objectives.
“The group recorded growth from volume and product mix. This growth was despite what continued to be a challenging business environment.
“Overall, the business shows an impressive performance in the first half of the year. We are positive that we are on track to meet our growth targets for the remaining part of 2017/2018 financial year.”