2 weeks ago
11 ARTICLE AD
Flour Mills of Nigeria Plc
Flour Mills of Nigeria Plc has posted a 76 per cent increase in revenue, hitting N1.69tn, indicating growth in its financial results for the first half of 2025, ending September 30, 2024.
In a statement, the company reported it increased its revenue to N1.69tn from N964.6bn recorded in the same period in the preceding year.
The food and agro-allied company attributed this growth to its approach to local content development and cost management amid tough economic conditions in the country.
“At the core of our business operations and commitment is to build a sustainable business that is big in local content development and utilization,” said FMN’s Group Managing Director and Chief Executive Officer, Boye Olusanya.
Olusanya noted that despite the challenging macroeconomic environment characterized by foreign exchange volatility and high interest rates, FMN recorded significant growth across all business segments.
FMN’s food segment surged by 74 per cent, generating N1.14tn, boosted by material cost management and pricing, according to the company.
Also, the sugar segment grew by 84 per cent, with revenue climbing to N274.2bn.
The company’s Group Chief Financial Officer, Anders Kristiansson, addressed its financial resilience and highlighted FMN’s solid cash position, amounting to N149bn.
“Our H1’25 results reflect our commitment to maintaining strong financial performance while building resilience,” Kristiansson said, noting that the company has the financial flexibility to support both current operations and future growth.
FMN has stated it is focused on new product innovations, cost optimisation, and alliances to drive growth across Africa.
The company added it remains committed to its mission of “Feeding and Enriching Lives, Every Day,” and aims to continue creating sustainable value for its stakeholders despite the ongoing economic headwinds.
