Flour Mills recorded a spike in revenue and net income by 16.9% and 44.6% respectively, for the six months ended period. The food business value chain was majorly responsible for the increase in the top line which rose to N233.152 billion from N196.919 billion.
KEY HIGHLIGHTS
- Flour Mills recorded a spike in revenue and net income by 16.9% and 44.6% respectively, for the six months ended period. The food business value chain was majorly responsible for the increase in the top line which rose to ₦233.152 billion from ₦196.919 billion.
- The firm’s reliance on imported raw material for production activities attributed to the rise in the cost of sales, though some strategic measures have been adopted to locally source for raw materials which will further reduce cost. High input cost in cost of sales dipped gross profit margin from 14.3 to 11.9.
- The management efficiency of the company improved with a growth in the ROA rising from 1.34 to 2.31 and ROE from 6.3 to 8.7, as reflected in the profitability and EPS of the firm.
- Reduction of the company’s debt profile (from ₦141.7billion to ₦93.5 billion) resulted from the issuance of ₦70 billion medium-term notes program to refinance debts.
Kindly click on this link to see full details on the Corporate Brief of the firm.