Flour Mills Plc Revenue Surge By 38% In 6 Months | See Details

A 38% revenue in sales to N720.576 billion from N522.821 billion in 2021 was reported by Flour Mills of Nigeria Plc in its half-year unaudited financial results for the period ended 30 September 2022.

Despite inflationary pressure and tight household budgets, the Group’s food and agro-allied segment improvements were the primary factor in the overall revenue growth.

The miller said that the food segment contributed 61.84% of the total revenue with N445.671 billion, followed by the agro-allied segment which contributed 21.35% of the revenue with N153.901 billion.

The overall revenue increased by 38% to N721 billion compared to H1 2021, propelled by a favourable mix and some exchange-related pricing. Operating performance in the Food segment remained solid, notwithstanding a challenging environment with increased input prices and a somewhat softening volume base.

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The financial report, which was released to the Nigerian Exchange Group (NGX), showed that the company’s cost of sales increased 39% to N651.789 billion compared to N468.406 during the same period in 2021.

The increase in the cost of sales affected profit after tax which dropped by 46% to N5.700 billion in 2022 from N10.528 billion in 2021.