By Munachimso Obienyi
Despite the inflationary environment, Flour Mills of Nigeria (FMN) Plc has recorded an astounding double-digit revenue growth of 38 per cent up to N720.5 billion from N522.8 billion recorded in corresponding period of 2021.
According to the company’s unaudited half-year financial results for September 2022 presented to the Nigerian exchange Group (NGX), the half year growth was underpinned by the company’s improvements in the food and agro-allied segment and factored by a favorable mix and some exchange related pricing.
With a solid performance recorded, the food segment, contributed N445.6 billion signifying 61.8 percent of the total revenue. Similarly, the agro-allied segment contributed N153. 9 billion representing 21.35 per cent of the total revenue.
According to the company, their performances was occasioned by a propelled drive for better market penetration and increased customer participation despite the challenging macroeconomic environment and pressure from inflation in purchasing power.
The financial report revealed that the company’s cost of sales increased by 39 per cent to N651.8 billion compared to N468.4 billion during the same period in 2021.
