LAGOS, NIGERIA — Flour Mills of Nigeria PLC (FMN) showed a net profit of N6.9 billion ($4.3 million) during the first quarter, a significant improvement from a loss of N9.3 billion during the same period a year ago.
FMN Group revenue, which includes subsidiaries, was N763.1 billion for the three months ended June 30, down from N456.3 billion in the same period a year ago.
The Food segment, which involves flour milling and production of pasta and noodles, swung to a net profit before taxes of N5.3 billion during the first quarter, up from a loss of N11.4 billion the previous year. The Agro-Allied segment, which includes animal feed and edible oils, fell to a net profit before taxes of N626 million from N4.6 billion.
“FMN PLC has experienced continued strong revenue and gross profit growth,” FMN said. “Management remains optimistic that with the current government monetary policies at stabilizing the FOREX (foreign exchange) market, and management’s continued effort in sales and marketing activities — geared toward boosting our top line while keeping cost under control — it is expected that there will be improvement in our operations in the coming period.”
