Flour Mills of Nigeria PLC Q2-2020 financials show impressive growth in gross earnings by 31.15% from N270.76 bn in Q2-2019 to N355.11 billion in the current period. Topline performance was specifically boosted by a 45.87% and 29.47% increase in income from Agro-Allied and Sugar operating segment respectively.
Flour Mills of Nigeria’s revenue from Agro-Allied business advanced from N49.40 to N72.06 in Q2-2019 and Q2-2020 respectively. Similarly, income from the Sugar operating segment also increased to N58.19 bn compared to the N44.94 bn in the earlier operating period.
Gross Profit rose by 58.26%
Following a 3.00% decreased in Cost margin, Gross profit increased by 58.26% to N50.29 from the previous record of N31.77 in Q-2 2020. This was also accompanied by a 26.74% increase in finance income amid 12.59% increase in the cost of funds.
Profit After Tax improved by 68.26%
With a whopping 69.17% advancement in Profit Before Tax (PBT), FLOUR MILL Profit after tax (PAT) increased by 68.26% driving the EPS up by 53.29% to N2.33. Flourmill PBT increased from N8.63 bn to N14.60 bn while the PAT also increased from N 5.90 bn to N9.93bn.
