Flour Mills of Nigeria Plc has reported revenue of N1.697 trillion for the 6-month period ended 30 September 2024. This represents a growth of 75.97% from the N964.65 billion reported the previous year.
Profit after tax for the 6-month period reached N14.42 billion, a significant improvement of 272% from the loss after tax of N8.38 billion reported the previous year.
Earnings per share for the Group stand at N3.52.
At a share price of N64, the P/E ratio of Flour Mills stands at 18.20x with an earnings yield of 5.49%.
Commenting on the half-year results, Mr. Boye Olusanya, Group Managing Director/Chief Executive Officer of Flour Mills of Nigeria, stated:
“At the core of our business operations and commitment is to build a sustainable business that is big in local content development and utilization. This commitment is what we leverage as a Group in withstanding both existing and emerging volatility in the business environment. Despite the complex macroeconomic environment, including significant FX volatility and high interest rates, we have maintained solid growth in H1’25 across all our business segments while managing our costs and operational efficiency.”
The Food segment recorded a 74% increase in revenue to N1,140.2 billion, with improved profitability driven by optimized material costs. The Sugar segment achieved an 84% revenue growth to N274.2 billion.
