FMN grows revenue by 31.15% in H12020

Flour Mills of Nigeria Plc has said that it grew its revenue by 31.1 per cent in the first half of 2020 thus it reported a revenue of N355.11 billion for the half year ended Sept. 30, 2020. The company stated this in its unaudited half year result published by the Nigerian Stock Exchange. The result shows that the revenue increased by 31.15 per cent when compared with N270.76 billion achieved in the comparative period of 2019.

The company’s profit after tax stood at N9.93 billion in contrast with N5.90 recorded in the corresponding period of 2019, representing an increase of 68.26 per cent. Similarly, profit before tax rose by 69.17 per cent to N14.61 billion from N8.63 billion posted in the comparative period of 2019. Total assets stood at N496.45 billion in contrast with N432.45 billion achieved in 2019, indicating an increase of 14.80 per cent.

Commenting on the performance, Mr Paul Gbededo, the Managing Director, said the result had shown the company’s resilience in spite of the prevailing challenges in the local and global economies. Gbededo said that the management in the remaining part of the financial year would continue to concentrate on improving operational effectiveness through accelerated strategies for group-wide cost optimisation. He added that the company would continue to invest in growing the business further.