Flour Mills of Nigeria Plc (FMN) has reiterated its resolve to continue to invest in local production, in line with the drive of the federal government. The Chairman of the FMN Group, Mr. John Coumantaros, said this in his speech at the company’s 57th annual general meeting that took place in Lagos recently.
Though the operating environment had been tough and challenging, Coumantaros urged shareholders of the company to look to the future with confidence that the Group’s prospects were promising and bright while the fundamentals were strong.
He said FMN was determined to continue to feed the nation every day.
Coumantaros said to further the Group’s vision to be involved at all stages of the food chain value –from farm to table -raw materials were being produced locally to ensure that good quality and fair value products were developed through the food supply chain to final consumers.
“We shall keep maintaining our wide portfolio of high quality consumer food options and step up our input of locally sourced raw materials, thereby supporting the livelihood of Nigerian businesses.
“We shall continue to invest in our growing portfolio of localised products in support of the nation’s economy.
“As we strive to further restructure our operations, streamline our business operations to focus on core businesses, constantly monitor and manage our costs optimally, improve and re-engineer our existing product range, we will focus on innovation and develop new strategies for the market, making our products more visible and available at points of sale,” he added.
He said the Group would also continue to improve sales, merchandising, redistribution personnel and activities.
Furthermore, he pointed out that in its continued support of the federal government’s backward integration policy, it was determined to ensure that its agro-allied strategy provides sustainable returns on capital invested by maximising local content in Group products.
“By our policy of aggregating grains and local farm products, we are creating jobs and boosting rural economy.
“We are determined to continue to ensure that our investments and processes aside from ensuring value for shareholders and other stakeholders continue to enrich the lives of our consumers, farmers, suppliers and other relevant stakeholders,” he added.
Flour Mills posted revenue of N375 billion in 2016, representing a growth by 51 per cent, over the N284 billion recorded last year. Its profit before tax was N11 billon, compared with the N6.2 billion it made the previous year.