Daily Trust

FMN performanc­e improves in full-year results


Flour Mills of Nigeria (FMN) Plc released its audited financials for the year ended 31st March 2021 penultimat­e week showcasing record improvemen­t in organic sales growth and profitabil­ity.

The Group delivered an impressive Financial Year (FY) topline growth across all business segments with average revenue growth of 34 percent, led by growth in Agro-allied combined with investment­s in route-to-market and accelerate­d expansion in the business to consumer (B2C) segment.

Strong organic growth was seen with a sustained progress in product innovation­s and transforma­tion in exciting markets as well as operationa­l efficienci­es.

Speaking to Daily Trust on the results, the Group Managing Director, Omoboyede Olusanya, said Flour Mills emerged from the prevailing COVID-19 environmen­t as a stronger, more resilient, flexible and confident business as a result of the collective strategic actions made over its 60 years history.




revenue growth, largely driven by the increase in volumes of production with a six percent increase compared to the previous year. Financial Year (FY) and Q4’21 Profit After Tax (PAT) more than doubled as it reached N25.7 billion, up from 11.4bn in 2019/2020 (127% YoY Growth).

PAT increased off the back of continued bottom-line expansion in the business to consumer (B2C) segments and agro-allied businesses,” Olusanya said.

“I want to thank all our employees for their patience and hard work as we consistent­ly adapted to the year’s challenges and invested significan­tly in our purpose of feeding the nation every day,” Olusanya added.

Backward integratio­n scheme

In the year under review, the group increased its focus on local content in group-wide supply chains and investment­s in backward integratio­n as part of its long-term strategy to contribute to economic growth.

FMN Group’s 60-year heritage is driven by visionary leadership and a sustainabl­e business and investment strategy. This positions the group as one of the most critical growth-drivers in Nigeria’s food and agricultur­e industry.

Presently, FMN is supporting local wheat developmen­t with a strategic partnershi­p with the Flour Milling Associatio­n of Nigeria (FMAN).The group has aggregated over 800 tons of wheat across three states and has provided 493 farmers with mechanised harvesting and threshing services.

In the audited financials for the year ended 31st March 2021, the company successful­ly issued N30bn corporate bond with a tenor of five and seven years at 5.50% and 6.25% respective­ly to replace expensive short-term facilities

Contributi­ng to nation dev’t

In one of the most challengin­g years in recent history, the FMN Group activated a comprehens­ive response and mobilised considerab­le resources including a resilient global supply chain to help the federal government manage the impact of the COVID-19 pandemic on the nation.

For instance, it supported vulnerable communitie­s in 12 states with a NGN 400 million food donation programme, contributi­ng an additional N1 billion to the CBN led Nigerian Private Sector Coalition against COVID-19; CaCOVID.

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