Flour Mill of Nigeria Announces 29 Percent Profit Growth in Q3 of 2023/2024

Oluchi Chibuzor

Flour Mills of Nigeria Plc (FMN), Nigeria’s leading integrated food business, has announced stable financial results for the third quarter of 2024, highlighting volume growth, improved profitability, and strong performance across its core business segments.

The organization in a press release made available to journalists recently, revealed that its gross profit increased by 264% to N125.3 billion compared to the equivalent period of prior year.

In the statement, the firm noted that its profitability also remained resilient, with profit before tax increasing 29% to N8.5 billion despite a volatile macroeconomic climate and foreign exchange headwinds.

According to the statement FMN recorded standout performance in its largest division, Food, which accounts for over 60% of Group revenue with the division sales expanded 39 percent driven by factors like new product development, optimized distribution channels, and production enhancements.

It added, “Strong growth was achieved from the regional targeted affordable brands, Auntie B and MaiKwabo, which registered a 58 percent 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. In the Agro-Allied segment, FMN achieved strong growth, led by the resilience of its Animal Feeds business, and increase in Export sales in our Oils and Fats business.”

Speaking on the Group’s agile business strategy, the Chief Executive Officer of Four Mill Nigeria, Boye Olusanya stated, “The success and sustenance of the FMN Brand is a promise made to all our shareholders and 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.”