Flour Mills of Nigeria (FMN) Plc has recorded group revenue of N542billion, and Profit After Tax (PAT) of N13.6billion for the financial year ended December 31, 2017.

Specifically, the companies audited result showed 3.5 per cent rise in revenue to N542billion from the N524billion achieved in 2016, while PAT rose from N8.8billion to N13.6billion during the year under review representing an increase of 54.1 per cent.

The company attributed the improved performance to a combination of resilience in the face of a challenging environment; volume growth and product mix from the food and agro-allied businesses.


The firm’s profit before tax also grew from N10.4billion to N16.4billion, while operating profit stood at N48billion, representing 16.9 per cent rise when compared to the N41billion posted in the corresponding period in 2016.

Group Managing Director of the company, Paul Gbededo, explained that the results are indication that efforts to continually push for improved efficiency and synergy in the group are yielding the expected results.

According to him, the firm has continued to consolidate its position in the agricultural segment, with firm commitment to become industry leader while aligning with the agricultural promotion policies at the federal and state levels.

“Our 2017 year-end result shows a remarkable growth in the Group’s revenue of N542billion, which represents an impressive 3.5% year on year growth. This was achieved through a combination of resilience in the face of a challenging environment; volume growth and product mix from our food and agro-allied businesses.

“We are critically looking into our investments in our backward integration initiatives and have confirmed our commitments towards future profitable growth by recapitalising various subsidiaries.

“We are also impairing at company level, part of our investment in Kaboji Farm, our first agricultural investment, which has now become our centre of excellence for seed and best agricultural practices in maize and soybean.”


The Chief Financial Officer, Jacques Vauthier, said the Group had also decided to accelerate the depreciation period of some support services assets, resulting in a onetime expense of N1.2billion.

“In spite of these one-time exceptional expenses, and initial losses in some of our early stage agro-allied businesses, our Group still recorded a Profit Before Tax of N16.4billion, confirming our commitment towards cost controls and increasing our margins.

“In an effort to strengthen the company’s capital base, deleverage our balance sheet, and support our working capital needs, we embarked on, and have completed a rights issue program during the past months.

“With the successful completion of the rights issue program, we have now positioned the company to exploit value-accretive opportunities, whilst giving greater operational and financial flexibility to ensure business growth and continuity.”

http://www.akelicious.net/2018/07/fmn-posts-n542b-revenue-n136b-pat.html

Yet companies don't see it necessary to enter this business and break this monopoly

The wise ones are making money and cashing in this economy. The lazy ones are complaining and grumbling.

My cousin relocated to Benue, left his banking job and cashed into the rice mill business... And boy is in millions. Grumbling online takes u nowhere... Goan work people!

News Flash! If can't make money when the economy is hard u won't be better off even if the economy has improved!

Gbammmm !

Rickyuzzy:
The wise ones are making money and cashing in this economy. The lazy ones are complaining and grumbling.

News Flash! If can't make money when the economy is hard u won't be better off even if the economy has improved!

Wow.


check my SIGNATURE

Gross revenue of 1.5 billion dollars is sterling performance by Flour Mills of Nigeria.

Nigeria has got a huge market for those who know how to explore it.

More than enough competition already

Millionaires and billionaires are made during periods of crisis.

Most billionaires worldwide became such when the world needed fixing.

If you can't make it now, it might be harder for you to do. (if you're into legal business)

Impressive!

Does this make it a good time to invest in their shares?

Rickyuzzy:
The wise ones are making money and cashing in this economy. The lazy ones are complaining and grumbling.

My cousin relocated to Benue, left his banking job and cashed into the rice mill business... And boy is in millions. Grumbling online takes u nowhere... Goan work people!

News Flash! If can't make money when the economy is hard u won't be better off even if the economy has improved!

Gbam

While wailers are complaining, guys are raking billions

Yeah i think its time to buy some FMN and dangote shares via stanbic i suppose..

Whoever has deeper understanding of this offers and how to benefit from them should enlighten us

KCnaira:
Yeah i think its time to buy some FMN and dangote shares via stanbic i suppose..

Whoever has deeper understanding of this offers and how to benefit from them should enlighten us

AdimGreat:
Impressive!

Does this make it a good time to invest in their shares?

Yes buy stocks via your stockbrokers.

Food and hospitality to be precise.

KCnaira:
Yeah i think its time to buy some FMN and dangote shares via stanbic i suppose..

Whoever has deeper understanding of this offers and how to benefit from them should enlighten us

Whatever you do, never buy dangote's shares. Keep your money in annuity its 100 times better