In a remarkable feat, Northern Nigeria Flour Mills (NNFM) announced a staggering 34 per cent increase in total assets, reaching an impressive N17 billion during the 2022/2023 financial year. This substantial growth from the previous year’s N13.3 billion showcases the company’s unwavering commitment to success and financial prosperity.
Equally impressive is NNFM’s equity, which experienced a significant surge, soaring to N6.5 billion from N2.8 billion in the preceding year. This remarkable achievement can be attributed to the exceptional growth of the revaluation reserve, now standing at a remarkable N5 billion.
NNFM’s exceptional financial performance extends to its profitability, with the company’s operating profit rising to an impressive N567.7 million, a substantial increase from N388 million in the previous year. Additionally, NNFM’s profit for the year reached a remarkable N272.8 million, showcasing significant improvement from N80.6 million in the prior year. These outstanding results highlight NNFM’s agility in adapting to market dynamics, meeting consumer demands, and capitalizing on promising growth opportunities.
As an integral subsidiary within the esteemed corporate group, Flour Mills of Nigeria, NNFM plays a vital role in shaping the group’s esteemed profile. Mr. the Group Managing director/CEO of Flour Mills of Nigeria Omoboyede Olusanya, commended NNFM’s outstanding performance, stating, “Northern Nigeria Flour Mills continues to excel as a strategic subsidiary within our esteemed corporate group. These remarkable financial results reflect our collective efforts in fostering innovation, operational excellence, and customer-centricity. We commend NNFM for its outstanding performance and look forward to further growth and success in the future.”
NNFM remains dedicated to its mission of providing an extensive range of food products, processing locally sourced grains. The flagship flour brand holds an indispensable place in households throughout the region, emphasizing the company’s commitment to customer satisfaction. With state-of-the-art production facilities, NNFM ensures the highest standards of product quality and unwavering consistency.
Managing director of NNFM Mr. Adrian Naidoo, expressed his delight at the company’s impressive financial performance, stating, “This result and our outstanding growth are a testament to our unwavering commitment to excellence, continuous improvement, and the resilience of our dedicated team. We remain committed to driving local content development, delivering exceptional products, and creating sustainable value for all our stakeholders.”
With its exceptional financial growth and dedication to excellence, NNFM is poised for continued success and further contributions to the Nigerian economy.
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