By Peter Egwuatu
FLOUR Mills Nigeria Plc has recorded 20 percent, year-on-year decline in its finance cost to N4.3 billion, in the third quarter, Q3’19, from N5.3 billion in Q3 2018/19. The company’s results released to the Nigerian Stock Exchange, NSE, weekend, show that Profit Before Tax, PBT increased by 23 percent to N3.7 billion in Q3, and by nine percent to N12.3 billion Year to Date YtD.
Other key highlights show that the Group’s revenue in Q3 2019/20 was N152.7 billion, compared to N130.9 billion in Q3 2018/19 (17 percent – Year on Year, YoY growth). For the nine months ended December 31, 2019, Group revenue was N423.5 billion representing a six percent increase compared to same period of the previous year.
Gross profit increased by 11 percent in Q3 and by three percent YtD. YtD Gross Profit was N47.8 billion, compared to N46.6 billion last year. Net cash generated YtD was N7.9 billion, compared to N7.2 billion in the prior year.
Commenting on the results, Paul Gbededo, the Group Managing Director, said: “I am pleased with our Quarter 3 results. We have recorded impressive growth in our volumes, and profit before tax increased by 23 percent. In line with our purpose of ‘Feeding the Nation, Everyday,’ I am positive that we are on the right track as we continue to deliver sustainable value for our stakeholders. Going into the final quarter of the financial year, continued growth is envisaged as we continue to implement targeted strategies, invest in our branding and distribution network and reduce operational costs that will bring even more value in the long run for shareholders.”