Northern Nigeria Flour Mills Total Asset Up 34%

Oluchi Chibuzor

Northern Nigeria Flour Mills Plc (NNFM a member of Flour Mills of Nigeria group, has revealed that its asset grew by 34 per cent in the full-year financial results for 2022/2023. 

Commenting on the result in a statement released by the firm, the Group Managing Director and CEO of the company, Mr. Omoboyede Olusanya, said their state-of-the-art production facilities and the commitment to ensure the highest standards of product quality and unwavering consistency was critical to the FY performance.

According to him, “Northern Nigeria Flour Mills continues to excel as a strategic subsidiary within our esteemed corporate group. These remarkable financial results reflect our collective efforts in fostering innovation, operational excellence, and customer-centricity.

“NNFM remains steadfast in its mission to provide an extensive range of food products by processing locally sourced grains, with its flagship flour brand occupying an indispensable place in households throughout the region.”

Commenting on the performance also, the Managing Director of NNFM, Mr. Adrian Naidoo, expressed his delight at the company’s impressive financial performance.

He said,  “This result and our outstanding growth is a testament to our unwavering commitment to excellence, continuous improvement, and the resilience of our dedicated team. We remain committed to driving local content development, delivering exceptional products, and creating sustainable value for all our stakeholders.”

But according to the statement the company’s total assets grew to an impressive N17,827,833,000, representing about a 34 per cent increase from N13,315,128,000 in the previous year, with the firm saying “this notable achievement underscores NNFM’s unwavering dedication to expanding its production capabilities and diversifying its product portfolio.”