Dangote Flour PLC has released its second quarter financial result showing its revenue for the second quarter of the year rose to NGN23 billion.
On a year on year basis, the company’s revenue has risen by 52% considering that its revenue for the same quarter last year was NGN11 billion. The group’s cost of sales increased to NGN14,0 billion versus NGN10,9 billion the company spent last year.
Dangote Flour Mills was badly hit by the currency devaluation as the company lost at least NGN5,2 billion to the situation. Net profit for the year fell to NGN1,8 billion compared to NGN2,3 billion.
Dangote Flour Mills was formerly Tiger Brands, Tiger Brands sold their equity investment and the company has since being renamed to Dangote Flour Mills PLC.
Dangote Flour Mills Plc was incorporated in Nigeria on 1 January 2006, The Group’s parent company is Dangote Industries Limited (DIL).
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