Despite the economic impacts of the COVID-19 pandemic, Flour mills of Nigeria announced an increase in its revenue for Q1 2020/2021.
The company’s managing director Paul Gbededo in a statement said that “despite the terrible outbreak of COVID-19”, Flour Mills operations remained unhindered to produce food for Nigerians at such a trying time.
The group recorded an increase by 15% to N154. 6 billion and Profit After Tax increasing by 17% to N4.9 billion.
Gbededo said while the first quarter of the financial year was one of the most complex periods facing businesses in Nigeria and across the globe, Flour Mills continued to explore new opportunities to create value and wealth for shareholders.
“Our Earnings and Profit After Tax figures show impressive growth following strategy and expected projections,” Gbededo said.
The reports show the Group’s Operating Ratio was 4.5%, compared to 5.0% a lower operating ratio compared to the last two years.
Flour Mill’s profit before tax was N6.4 billion, compared to N5.5 billion in Q1 2020/21 (16% – YoY growth).
The company’s profit after tax was N4.9 billion, compared to N4.2 billion in Q1 2020/21 (17%- YoY growth)
Gbededo said that the group was keen on remaining focused on increasing its operational efficiency and optimising cost to ensure profitability.