Dangote Flour Mills PLC, formerly Tiger Branded Goods, has reported a huge jump in its gross revenue for the third quarter of the year.
On a year on year basis, revenue grew by 89.3% to NGN28,2 billion versus NGN14,9 billion recorded in the year before.
Corporate information
Dangote Flour Mills Plc (the Company) is a public limited company incorporated in Nigeria. Its parent company is Dangote Industries Limited (DIL). The address of its registered office is Union Marble House, 1 , Alfred Rewane Road, Falomo, Ikoyi, Lagos. 1.2 Nature of operations The principal activities of Dangote Flour Mills Plc and its subsidiaries (“the Group”) are the milling of wheat and production of wheat products. Dangote Pasta Limited and Dangote Noodles Limited are subsidiaries of Dangote Flour Mills Plc. Dangote Flour Mills Plc produces bread flour, confectionery flour and pasta semolina. 1.3 Accounting period The reporting period covered by the unaudited consolidated and separate financial statements is October 1, 2015 to September 30, 2016. 1.4
Going concern
The consolidated and separate financial statements have been prepared on a going concern basis which assumes realization of assets and discharge of liabilities in the normal course of business in the foreseeable future. Total group assets exceeded total group liabilities as at September 30, 2016 by N 16.4billion (In 2015: N-3.1billion).
Group current assets exceeded current liabilities as at September 30, 2016 by N1.5billion (group current liabilities exceeded current assets as at September 30, 2015 by N17.1billion), not including a loan of N12.5billion (2015: N11.2 billion) advanced by the parent company. The Group recognised a profit for the 12 months ended September 30, 2016 of N5.6billion (2015: N12.5billion loss) which has resulted in accumulated loss of N17.5billion at September 30, 2016 (2015: N23.1billion)
