Flour Mills of Nigeria Plc (FMN), Nigeria’s leading Food and Agro-allied company, announced its financial results for the full year and fourth quarter ended March 31, 2024, demonstrating resilience and agility in navigating a dynamic economic landscape.
The Group’s revenue grew by 49% to N2.3 trillion for the full year, driven by sustained demand across all business segments compared to ₦1.5 trillion in the previous year. Gross Profit increased by 54% to N273 billion, reflecting effective portfolio management product innovations, pricing and cost optimization measures leading to 61% growth in Operating Profit.
Profit Before Tax and foreign exchange impact improved by 90% to N141 billion. The Group generated significant cash flow, with a solid net cash position of N176 billion, providing flexibility to invest in growth opportunities and the ability to fulfil debt obligations.
The Group’s performance was underpinned by strong revenue growth across all business segments, including Food, Agro-Allied, Sugar, and Support services. The Food segment, recorded a 51% increase in revenue, driven by new product launches and category flavor extensions.
Speaking on the Group’s robust performance, Mr. Boye Olusanya, Group Managing Director/Chief Executive Officer of FMN, said, “Our consistent execution and growth underscores FMN’s financial and operational resilience. Despite the challenging economic environment, we have solidified our position as a market leader in the Food and Agro-allied sector, driven by innovative product offerings and efficient operations.”
The Agro-allied segment also witnessed remarkable growth, with revenue increasing by 17% and profit before tax rising by 4%. The segment’s success was driven by larger export volumes, moderate price adjustments, and the introduction of new products in the Fertilizer business.
Commenting on the Group’s financial performance, Anders Kristiansson, Group Chief Finance Officer, said, “As we drive more efficiencies across the group, we expect to continue delivering value in line with our long-term strategic plan. It is based on this mandate that the Board also approved 180 kobo dividends for our shareholders, a decision driven by our value delivery mandate. Our solid cash generation and reduction of Net Debt provides the flexibility to navigate economic uncertainties and invest in growth opportunities.”
FMN remains committed to its strategic priorities, including local content integration, production line expansions, and a strong innovation pipeline. The Group’s robust financial position and diversified business model positions it well to capitalize on emerging opportunities and drive sustainable growth.
