Flour Mills of Nigeria Plc, a leading player in the Nigerian agro-allied sector, has released its Annual Report for the fiscal year ending 31 March 2023, showcasing robust performance and positive growth across key financial metrics. The company’s financial results reveal impressive growth in revenue, profit, and other key indicators, reflecting the resilience and strategic focus of the organization.
The Group’s financial statement demonstrates the following highlights comparing the year ended 31 March 2023 with the previous fiscal year:
Revenue Surges: Flour Mills of Nigeria reported a substantial increase in revenue, with figures reaching N1.5 billion compared to N1.16 billion in the previous year, marking a significant growth of 32%.
Steady Profit Growth: The company’s profit before minimum tax increased by 4%, standing at N42.7 million up from N41.1 million in the preceding year.
Robust Profit Before Tax: Flour Mills of Nigeria achieved a profit before tax of N39.7 million, reflecting a steady 1% increase from N39.2 million in the previous year.
Strong Profit After Tax: The company’s net income tax expenses decreased by 8%, resulting in a profit for the year of N29.5 million marking a commendable growth of 5% compared to N28 million in the prior fiscal year.
Enhanced Comprehensive Income: Flour Mills of Nigeria’s total comprehensive income surged by an impressive 12%, reaching N31.4 million, compared to N27.9 million in the previous year.
Shareholder’s Funds and Dividend: The company’s shareholder’s funds experienced a remarkable increase of 15%, amounting to N225.5 million, up from N195.9 million in the prior fiscal year. In addition, the proposed dividend for the year was N9.2 million, reflecting a growth of 5%.
The company’s per-share data also highlights remarkable growth, with basic earnings per share and diluted earnings per share increasing by 16%, from 626 kobo to 725 kobo. The dividend per share also rose by 5%, from 215 kobo to 225 kobo.
Flour Mills of Nigeria’s achievements are further underscored by its stable workforce, as the Group’s number of employees remained consistent at 5,919, while the number of employees in the Company increased by 2%, reaching 3,839.
Despite facing challenges in the dynamic business landscape, Flour Mills of Nigeria Plc continues to demonstrate its resilience and strategic focus, as evident from the impressive growth reflected in its financial statements. The company’s commitment to excellence and innovation in the agro-allied sector positions it for continued success in the future.