By Peter Egwuatu
FLOUR Mills Nigeria Plc has recorded Group’s Profit After Tax, PAT, of N4.2 billion in its unaudited first quarter results, Q1’19, a 17 percent increase from N3.6 billion in Q1’18.
According to the results released on the Nigerian Stock Exchange, NSE, weekend, the report shows a Profit Before Tax, PBT, of N5.5 billion compared to N5.2 billion declared in Q1’18, representing a six percent growth.
Earnings of the company stood at N134 billion in Q1’19 up by one percent from N133 billion in Q1’18. The finance cost of the company stood at N4.5 billion, compared to N6.2 billion in 2018 Q1, representing 27 percent decline.
Commenting on the result, Paul Gbededo, the Group Managing Director, said: “The first quarter result is a good start to the year and a great reflection of the direction that the business is headed as we continue to push our strategy of operational efficiency and sustainable growth. We envisage even more organic growth across the food segments, with anticipated moderations in cost of sales, as global wheat prices reduce and our improved investments in aligning marketing, sales and distribution activities boost earnings and increase market gains.”
He added: “The results for the first quarter reveal a strong performance as the group continues to make significant gains with its strategy to improve operational efficiency and implementing cost control measures across its operations. Deleveraging and active balance sheet management strategy achieved significant reductions in finance costs which dropped by 27 percent.”