Flour Mills of Nigeria Plc has recorded N1.114tn revenue for its nine months financial results.

The company said continuous product innovation and effective route-to-market strategies were largely responsible for the continued solid financial performance across the group’s core business segments with the Honeywell integration well underway and performance in line with the integration plan.

In a statement, the company said, “Flour Mills of Nigeria Plc in 9M’ 23 achieved over a trillion naira (N1,114tn) revenue for the first time, demonstrating sustained momentum across all business segments compared to the previous year (N825bn).

‘”Overall revenue grew by 35 per cent across all business segments, with food, agro-allied and sugar all growing between 34 to 39 per cent respectively. Gross profit reached N103bn in 9M’ 23, up 29 per cent compared to 9M’ 22 and 33 per cent quarter on quarter. Operating profit grew by 28 per cent in 9M’ 23,with a 32 per cent growth quarter on quarter.”

The company said the total results were affected by the Honeywell Flour Mills Plc integration, which has been on track since the takeover on May 12, 2022.

“As anticipated, the acquisition involved some initial integration costs and Honeywell posted a loss of N10.3bn by the end of December 2022. However, Honeywell is well on track to realise and exceed the anticipated benefits from the acquisition,” it added.

Commenting on the Q3 financials, the Group Managing Director of Flour Mills, Boye Olusanya, said, “The Q3 earnings trend is a clear demonstration of the group’s commitment to carrying out its overall long-term strategy of maintaining growth and sustaining profitability by significantly investing in the development of local content through product innovation across our core value chains.

“Also, as is established by the significant increase in revenue and growth from the agro-allied category of the group’s touchpoints, we are committed to achieving economies of scale in food production via crop-specific value chain by increasing productivity and ultimately driving the nation’s attainment of food self-sufficiency.”

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Is this not the company that obadokun sell off?