New Telegraph

Flour miller reports N68m Q1 profit

Northern Nigeria Flour Mills Plc has posted a profit after tax of N68.501 million for the first quarter ended June 30, 2020 as against N10.755 million recorded in 2019, accounting for 536.92 per cent increase.

 

Revenue grew by 69.03 per cent from N1.127 billion in 2019 to N1.905 billion in 2020.

 

However, cost sales grew by 79.34 per cent to N1.727 billion from N962.981 million in 2019.

 

The company had sustained loss position for the nine months ended December 31, 2019 with a loss after tax of N212.277 million from a loss of N169.660 million in 2018. Loss before tax was N206.078 million in 2019 from N169.660 million in 2018.

 

However, revenue grew by 97.47 per cent to N5.006 billion from N2.535 billion in 2018. Cost of sales rose by 144.69 per cent to N5.305 billion from N2.168 billion.

 

NNFM’s audited financial statement for the year ended March 2020 had showed the firm reverted to the path of profitability.

 

For the year ended March 2020, NNFM’s revenue surged by 113.08 percent to N8.84 billion from N4.41 billion as at March 2019.

Read Previous

Absa unlikely to declare fullyear dividend

Read Next

…upgrades X-Whistle to boost investor protection

Leave a Reply

Your email address will not be published. Required fields are marked *