Flour Mills of Nigeria Plc, the agro-allied group based in Lagos and led by Greek billionaire John Coumantaros, posted a significant rebound in its financial performance for the first quarter of the 2024 fiscal year . The agro-allied group's revenue surged by 67.23 percent to N763.2 billion ($460.1 million), up from N456.4 billion ($279.3 million) in the same period last year.
Despite the tough macroeconomic environment in Nigeria, characterized by currency devaluation and inflation, Flour Mills managed to turn around its financial position. It reported a profit of N6.98 billion ($4.28 million) for the quarter, a marked improvement from the N9.34 billion ($5.74 million) loss recorded in the first quarter of the previous fiscal year.
CEO praises resilient Q1 performanceThe positive shift in its earnings is attributed to the company's strategic cost management and stabilization of the foreign exchange market, which mitigated some financial pressures from the previous year. Flour Mills' operational efficiency and strong market position played crucial roles in its impressive revenue growth.
Boye Olusanya, Group Managing Director and CEO of Flour Mills, highlighted the company's resilience in navigating economic challenges. "Our Q1 2024 results demonstrate Flour Mills' ability to deliver solid performance despite significant headwinds. We've shown remarkable agility in navigating the challenging macroeconomic environment, including persistent inflation and exchange rate volatilities," Olusanya said.
