Flour Mills Nigeria has said that its food division sales expanded 39 per cent, driven by factors like new product development, optimised distribution channels, and production enhancements.
The company, in a statement on its Q3 2023/2024 financial year, said its largest division — food, accounted for over 60 per cent of Group revenue.
It said strong growth was achieved from the regional targeted affordable brands, Auntie B and MaiKwabo, which registered a 58 per cent volume uplift from last year.
According to the company, gross profit increased by 264 per cent to N125.3bn while profit before tax increased by 29 per cent to N8.5bn despite a volatile macroeconomic climate and foreign exchange headwinds.
Speaking on the Group’s agile business strategy, Boye Olusanya, the Group Managing Director/Chief Executive Officer of FMN, said, “The success and sustenance of the FMN Brand is a promise made to all our shareholders/stakeholders. Our collective action as a Group is therefore geared towards keeping this promise.
“Progressively, we shall continue to boost our global competitiveness and viability to ensure that FMN is positioned to thrive amidst unprecedented environmental changes. In addition, the launch of the power company will further improve the efficiencies and transform our structure/operations.”
The Group’s Chief Finance Officer, Anders Kristiansson, said, “Our consistent execution and growth underscores FMN’s financial and operational resilience. As we drive more efficiency across the group, we expect to continue delivering value in line with our long-term strategic plan.”
