Flour Mills of Nigeria Plc (FMN), Nigeria’s leading integrated food business has recorded a stable financial results for the third quarter of 2023, highlighting volume growth, improved profitability, and strong performance across its core business segments.
Gross profit increased by 264% to N125.3 billion compared to the equivalent period of prior year. Profitability also remained resilient, with profit before tax increasing 29% to N8.5 billion despite a volatile macroeconomic climate and foreign exchange headwinds.
In its largest division, Food, which accounts for over 60% of Group revenue, FMN recorded standout performance. Food division sales expanded 39% driven by factors like new product development, optimized distribution channels, and production enhancements.
Strong growth was achieved from the regional targeted affordable brands, Auntie B and MaiKwabo, which registered a 58% volume uplift vs LY. The main national brand, Golden Penny, also witnessed a solid growth. The division continues to drive cost optimization, especially on key raw materials like wheat.
Speaking on the company’s growth, Mr. Boye Olusanya, the Group Managing Director/Chief Executive Officer of FMN stated “The success and sustenance of the FMN Brand is a promise made to all our shareholders/stakeholders. Our collective action as a Group is therefore geared towards keeping this promise. Progressively, we shall continue to boost our global competitiveness and viability to ensure that FMN is positioned to thrive amidst unprecedented environmental changes. In addition, the launch of the Power Company, will further improve the efficiencies and transform our structure/operations.”
Also commenting on the Group’s viable performance, The Group’s Chief Finance Officer, Anders Kristiansson said “Our consistent execution and growth underscores FMN’s financial and operational resilience. As we drive more efficiencies across the group, we expect to continue delivering value in line with our long-term strategic plan.”