FMCG conglomerate, Flour Mills of Nigeria Plc, recorded a pre-tax profit of N1.2 billion in the quarter ending September 30, 2023, marking a 13.8% increase year-on-year from the N1.05 billion recorded in the corresponding quarter in 2022.
According to the group’s financial statements for Q2 2023/2024, the PBT recorded during the quarter modified the group’s H1 2023/2024 pre-tax loss to N8.14 billion.
During the quarter under review, the group generated N508.3 billion in revenue. After deducting the sales cost of N453.1 billion, the group’s gross profit reached N55.2 billion, marking a 55.4% increase compared to the N35.4 billion gross profit from the corresponding period in 2022.
Key Highlights Q2 2023/2024 vs Q2 2022/2023
- Revenue: N508.3 billion, +34.10% YoY
- Cost of sales: N453.05 billion, +31.15% YoY
- Gross Profit: N55.22 billion, +55.37% YoY
- Selling and distribution expenses: N5.81 billion, +74.47% YoY
- Administrative expenses: N13.88 billion, +73.11% YoY
- Operating profit: N17.58 billion, +16.87% YoY
- Finance income: N1.60 billion, +766.35% YoY
- Finance cost: N17.98 billion, +26.88% YoY
- Profit before tax: N1.20 billion, +13.78% YoY
- Profit after tax: N816 million, -65.30% YoY
- Earnings per share: N0.06, -90% YoY
- Total Assets: N1.316 trillion, +19.94% YTD
Insights
Based on the half-year financial results for 2023/2024, the group earned N964.6 billion in revenue, marking a 33.87% increase compared to the previous fiscal year’s corresponding period. However, due to unrealized FX losses in Q1 2023/2024, the group reported a pre-tax loss of N8.14 billion, marking a 197% decline from the N8.38 billion pre-tax profit in the corresponding period of the previous fiscal year.
