Flour Mills of Nigeria (FMN) Plc has recorded group income of N542billion, and Profit After Tax (PAT) of N13.6billion for the monetary yr ended December 31, 2017.
Specifically, the businesses audited consequence confirmed three.5 per cent rise in income to N542billion from the N524billion achieved in 2016, whereas PAT rose from N8.8billion to N13.6billion in the course of the yr below overview representing an enhance of 54.1 per cent.
The firm attributed the improved efficiency to a mixture of resilience within the face of a difficult atmosphere; quantity development and product combine from the meals and agro-allied companies.
The agency’s revenue earlier than tax additionally grew from N10.4billion to N16.4billion, whereas working revenue stood at N48billion, representing 16.9 per cent rise when in comparison with the N41billion posted within the corresponding interval in 2016.
Group Managing Director of the corporate, Paul Gbededo, defined that the outcomes are indication that efforts to repeatedly push for improved effectivity and synergy within the group are yielding the anticipated outcomes.
As acknowledged by him, the agency has continued to consolidate its place within the agricultural phase, with agency dedication to grow to be trade chief whereas aligning with the agricultural promotion insurance policies on the federal and state ranges.
“Our 2017 year-end consequence reveals a outstanding development within the Group’s income of N542billion, which represents an spectacular three.5% yr on yr development. This was achieved by means of a mixture of resilience within the face of a difficult atmosphere; quantity development and product combine from our meals and agro-allied companies.
“We are critically wanting into our investments in our backward integration initiatives and have confirmed our commitments in the direction of future worthwhile development by recapitalising varied subsidiaries.
“We are also impairing at company level, part of our investment in Kaboji Farm, our first agricultural investment, which has now become our centre of excellence for seed and best agricultural practices in maize and soybean.”
The Chief Financial Officer, Jacques Vauthier, mentioned the Group had additionally determined to speed up the depreciation interval of some help companies belongings, leading to a onetime expense of N1.2billion.
“In spite of those one-time distinctive bills, and preliminary losses in a few of our early stage agro-allied companies, our Group nonetheless recorded a Profit Before Tax of N16.4billion, confirming our dedication in the direction of price controls and growing our margins.
“In an effort to strengthen the corporate’s capital base, deleverage our stability sheet, and help our working capital wants, we launched into, and have accomplished a rights difficulty program in the course of the previous months.
“With the successful completion of the rights issue program, we have now positioned the company to exploit value-accretive opportunities, whilst giving greater operational and financial flexibility to ensure business growth and continuity.”