The Flour Mills of Nigeria Plc has reported a 127 per cent increase in its profit after tax for the year ended March 31, 2021.
The company said its after-tax profit rose from N11.4bn in 2020 to N25.7bn in 2021.
In a statement by the company, Flour Mills of Nigeria said its average revenue across its business segment grew by 34 per cent, led by growth in its agro-allied businesses.
The company said it had successfully issued a N30bn corporate bond with a tenor of five years at 5.50 per cent and 6.25 per cent respectively to replace expensive short-term facilities.
Commenting on the results, Flour Mill’s Group Managing Director, Omoboyede Olusanya, said, “Flour Mills emerges from the prevailing COVID-19 environment as a stronger, more resilient, flexible, and confident business as a result of the collective strategic actions made over our 60-year history.
He said “FMN is now harvesting the fruits of these efforts and remains committed to braving a continuously uncertain environment with cautious optimism, innovation, portfolio advancement and other strategies outlined in our recent sustainability report.”