Flour Mills of Nigeria Plc (FMN) recorded N31billion as Operating Profit before adjustment for foreign exchange losses in its its unaudited financial performance for the period Q1 2023/2024.
This is even as the financials shows strong revenue growth across its business segments despite the challenging macro environment, according to its unaudited account of Q1 2023/2024 made public yesterday.
However, Overall Profit Before Tax was impacted by N22.5bn foreign exchange losses during the quarter, leading to a N9.3 billion loss. However, the company said, this is a temporary impact given the timing of the devaluation as of mid-June, as FMN has proven its ability to overcome the effects of FX over the years and is comfortable that it will continue to do so.
It recorded Topline growth of 34% in Q1’24 over Q1’23, showing solid performance across all segments (Food, Agro-Allied, Sugar, and Support Segments by 42 per cent, 22 per cent, 21 per cent, and 10 per cent respectively), driven by volume growth and a favourable mix.
