Flour mills nine-month profit rises by 91.5%

Flour Mills of Nigeria Plc has declared an impressive profit of N15.6 billion in the nine months ended Dec. 31, 2020, a 91.5% rise from N8.1 billion in the same period a year ago, despite economic headwinds.

Revenue also increased to N555.3 billion, from N373.8 billion in 2019.

In the last three months alone ended Dec. 31, the group operating profit rose by 150.26 percent to N5.65 billion compared to 2019 figures of N2.2 billion in the corresponding period.

Read also: NSE: Flour Mills, Dangote Cement, Custodian help market capitalisation cross the N15 trillion mark

This figure was disclosed in the company’s financial statement posted on Tuesday morning on NSE’s website.

Profit before tax in the first nine months of fiscal 2020 also increased by N23.6 billion from N12.2 billion in the same period a year ago.

Flour Mills of Nigeria is engaged in flour milling, production of pasta, noodles, edible oil and refined sugar, production of livestock feeds, farming, and other agro-allied activities.

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