Flour Mills of Nigeria reports 45% rise in profit in six months

Flour mills

Flour Mills of Nigeria Plc is reporting 45% increase in profit to NGN9.3 billion for the 6 months ended in 2017 compared to NGN6.4 billion reported same period in the financial year 2016.

The company ended the period with NGN 298.4 billion revenue which is 17% higher to NGN255.3 billion recorded in the year 2016 while gross profit declined by 2% to NGN35.5 billion against NGN36.3 billion on the year 2016.

Flour Mills of Nigeria said its total assets for the period was NGN405.5 billion compared to NGN482.6 billion in the fiscal year 2016 while total liabilities was NGN297.7 billion versus NGN389.0 billion in the year before.