Flour Mills of Nigeria declares 5.3% increase in profit to N29.5bn

Flour Mills of Nigeria Plc has announced N29.5billion profit after in its 2023 audited result and accounts for full year ended March 331, 2023, a 5.3 per cent increase from N28.02billion reported inn corresponding period of 2022.

The agro-allied company in its filing on the Nigerian Exchange Limited (NGX) declared N39.78billion in 2023, an increase of 1.45 per cent from N39.22billion reported in 2022FY.

The Directors are pleased to recommend to shareholders at the forthcoming annual general meeting the declaration of a total of N9.23 billion (2022: N8.82 billion ) representing a dividend of N2.25 (2022: N2.15) per ordinary share of 50 kobo each.

The group declared N1.54trillion revenue in 2023, 32.3 per cent from N1.16trillion in 2022, driven by N1.49trillion sales of goods in 2023 from N1.12trillion in 2022, while rendering of services stood at N46.78billion from N45.64billion in 2022.

Further breakdown revealed that food segment of Flour mills of Nigeria stood at N1trillion in 2023 from N748.26billion in 2022, while agro-allied closed 2023 at N283.95billion from N213.37billion in 20222.

In addition, the Sugar segment of Flour Mills stood at N208.3billion from N156.02billion in 2022, while support service moved from N45.64billion in 2022 to N46.78billion in 2023.

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