FMN Achieves Solid Topline Growth, Profit Up 64%

Oluchi Chibuzor 

Flour Mills of Nigeria Plc (FMN), has announced that it has achieved a solid topline growth of 32 percent across food, agro-allied, and support segments, in FY 2022/2023 with high revenue and strong profit.

The results released recently, also showed that the firm’s gross profit improved by an impressive 64 percent, reaching N177.1 billion.

Commenting on the report, the Group’s Managing Director/ CEO, Mr. Boye Olusanya, said, FY 22/23 has been a year of agile business strategy implementation.

He noted that this remarkable financial performance for the fiscal year 2022/2023 highlighted the firm unwavering commitment to local content and capacity development.

According to him, “Our ability to proactively manage both existing and emerging environmental challenges whilst progressively driving significant development across all our touch points is a testament to the Group’s commitment towards the actualization of self-sufficiency in the country and across the continent. Market impediments such as rising international food prices, input cost escalations, and currency devaluation, were effectively managed, thus the Group’s ability to achieve strong financial performance in FY22/23. 

“As we continue to act as a source of livelihood for millions of Nigerian families, we would remain committed to significantly investing across our value chain to reduce the nation’s dependency on imported raw materials and externally generated resources.”