Onome Amuge
Flour Mills of Nigeria Plc (FMN), Nigeria’s leading Food and Agro-allied company, recorded a revenue totalling N1,697.5 billion in the first half of 2025, compared to N964.6 billion in the corresponding period of the previous year, representing a 76 percent revenue increase on a year-on-year basis.
Flour Mills of Nigeria Plc also reported an increase in its profitability metrics for the half-year ended September 30, 2024. This is as gross profit for the period soared 53 percent to N161.1 billion, signaling a healthy performance of FMN’s business operations.
In addition, operating profit for the first half of 2025 saw a 40 percent growth to N105.9 billion, further solidifying FMN’s financial standing.
Flour Mills of Nigeria Plc also reported notable revenue increases in both the food and sugar segments.
The food segment witnessed a 74 percent rise in revenue to N1,140.2 billion, underpinned by a prudent approach to material costs that enhanced profitability.
The Sugar segment achieved an equally impressive gain, climbing 84 percent in revenue to N274.2 billion.
Commenting on the H1’25 results, Boye Olusanya, group managing director/chief executive officer of FMN, stated, “At the core of our business operations and commitment is to build a sustainable business that is big in local content development and utilization. This commitment is what we leverage as a Group in withstanding both existing and emerging volatility in the business environment.
“Despite the complex macroeconomic environment, including significant FX volatility and high interest rates, we have maintained solid growth in the H1’25 across all our business segments while managing our costs and operational efficiency.”
Speaking on the Group’s financial position, Anders Kristiansson, group chief finance officer, said, “Our H1’25 results reflect our commitment to maintaining strong financial performance while building resilience. With a robust cash position of N149 billion we have maintained the financial flexibility needed to support our operations and future growth initiatives, despite the increased cost of financing.”
In his remarks, Kristiansson expressed optimism about the company’s future prospects, highlighting its commitment to strategic initiatives that will drive growth and expansion across Africa.
Kristiansson also underscored the importance of product innovation, cost optimisation, and strategic alliances in driving the company’s continued successful financial performance.
