FMN Plc’s Turnover Hits over N1tn in 2022

Gilbert Ekugbe

Flour Mills of Nigeria (FMN) Plc, has stated that it generated over a trillion naira in 2022, noting that the feat puts it in the comity of selected group of Nigerian companies to achieve the milestone.

In a statement, FMN explained that the achievement is a reflection of the company’s good credit history and credit rating; strong brand value with a loyal customer base that has highly experienced and very competent Board and Management teams respective.

FMN added that it is a key player in the Nigerian Fast Moving Consumer Good (FMCG) and agribusiness sector. 

“It is worth noting that the success of the backward integration program embarked upon by the Group in the last few years has also contributed immensely to the growth of the top line and bottom line for the business,” FMN said.

Meanwhile, the Group decided to tap into the market for its Series 3 Commercial Paper to raise funds to meet its working capital requirements in June 2023.

So far, the Series 3 which was launched on June 23, 2023, to resounding feedback from the investing public. 

“The Orderbook recorded N144.37 billion in bids which represent 262 per cent oversubscription,” FMN added.

According to the statement, FMN remains one of the largest consumer conglomerates in Nigeria, pointing out that with operational capability in flour milling, sugar refinery, palm oil production, and packaging materials, the company controls significant market share across its business divisions. 

“The Group is an active player in the Debt Capital Market, constantly assessing and seeking to optimize its costs of funding, leveraging its strong reputation for timely repayment at maturity, “FMN added.