● Revenue grew by 67% to ₦763.2 billion in Q1’24/25, with +60% growth across all business segments.
● Gross Profit increased by 73% to ₦86.9 billion, a reflection of the strategy to drive Gross Margins and consequently profit.
● Operating profit rose by 68% to N49.9 billion, supported by revenue growth and continuous cost optimization.
● Profit Before Tax improved significantly to from a loss position in Q1’23/24 to a profit of N7.4 billion Q1’24/25.
● Strong cash position of N159 billion, providing flexibility to invest in growth opportunities and navigate economic uncertainties.
Flour Mills of Nigeria Plc (FMN), Nigeria’s leading Food and Agro-allied company, announced its financial results for the first quarter ended June 30, 2024, indicating impressive growth.
FMN recorded significant revenue growth of 67% to N763.2 billion for Q1’24/25, compared to N456.4 billion in the same period last year. The Group’s Gross Profit saw a 73% increase to N86.9 billion and a 68% growth in Operating Profit.
The profit for Q1 24/25 is N7.4 billion, reversing the Q1 loss in last year and returning to the Q1 profit levels of two and three years ago.
Commenting on the Q1’24/25 results, Mr. Boye Olusanya, Group Managing Director/Chief Executive Officer of FMN, said, “Our Q1’24/25 results demonstrate FMN’s ability to deliver solid performance despite significant headwinds. We’ve shown remarkable agility in navigating the challenging macroeconomic environment, including persistent inflation and exchange rate volatilities. Our focus on cost optimization, strategic pricing, and operational efficiencies has enabled us to maintain our market leadership in the Food and Agro-Allied sector.”
The Food and Sugar segments both witnessed strong top line growth and returned to profitability in Q1’24/25 with solid improvements vs Q1’23/24. Agro-Allied segment that witnessed a remarkable growth of 68% was spurred by stronger performance in the fertilizer and oil and fats businesses, as well as enhanced capacity utilization.
Speaking on the Group’s financial position, Anders Kristiansson, Group Chief Finance Officer, said, “Our Q1’24/25 results reflect our commitment to creating value for our shareholders. The significant strengthening of our profitability, coupled with our strong cash position, provides us with the flexibility to invest in growth opportunities and navigate economic uncertainties. We remain focused on optimizing our capital structure and reducing funding costs to improve profitability and deliver long-term value.”
The company’s solid financial foundation, coupled with its diversified business model, provides a strong platform for sustainable growth and value creation for all stakeholders. As FMN continues to navigate the dynamic market conditions, it remains dedicated to its purpose of “Feeding And Enriching Lives, Every Day” while driving long-term shareholder value.
