Flour mills of Nigeria plc, Nigeria’s second largest flour company has come back into profitability have posting a jhue loss in 2015.
The company’s net profit rose by about 82% year on year. Profit for the year rose to NGN932.5 million compared to NGN5.0 billion loss recorded in 2015.
However, the inflation and recession in Nigeria has made cost of sales a major hole in its finances was its cost of sales that went up to NGN117.5 billion compared to NGN76.6 billion recorded in 2015.
For fourth quarter 2016, Flour Mills recorded gross profit of NGN17.0 billion in contrast to NGN 8.4 billion recorded same period 2015.
The company operating profit for the year rose to NGN8.0 billion in contrast to NGN257.4 million recorded in 2015.
Flour mills’ total asset was NGN475.5 billion in 2016 compared to NGN345.3 billion acquired in the year 2015. It recorded total liabilities of NGN375.0 billion in contrast to NGN249. 5 billion in 2016. The company recorded total equity and liabilities of NGN475.5 in 2016 compared to 345.3 recorded in 2015.
FMN was incorporated in September 1960 as a private limited liability company and has been serving the needs of generations of Nigerians ever since. In 1978, FMN became a public limited liability company and its shares were subsequently listed on The Nigerian Stock Exchange.
FMN’s interest in becoming the nation’s leading food business company is furthered by entities operating in agriculture, livestock feed and pasta manufacturing. As such, the collective clout of FMN stands poised to help achieve the company’s objectives whilst simultaneously improving lives.
With over twelve thousand full and part-time employees, we are steering the green revolution in Nigeria with the use of locally sourced materials to develop and produce unique consumer products for local markets. This strategy is reducing dependence on imported raw materials and creating value for businesses, consumers and the country at large.