New Telegraph

NNFM records N70m full year profit

Northern Nigeria Flour Mills Plc has reported a profit after tax of N69.919 million for the full quarter ended March 31, 2021. The profit represents 8.17 per cent increase against N64.635 million recorded in 2020. Profit before tax stood at N134.346 million for the full year as against N120.675 million, representing a growth of 11.33 per cent. Revenue however drop by 1.96 per cent from N8.841 billion in 2020 to N8.667 billion in 2021.

Northern Nigeria Flour Mills Plc reported a profit after tax of N68.50 million for the first quarter ended June 30, 2020. The profit represents 536.92 per cent increase against N10.75 million recorded in 2019. Revenue grew by 69.03 per cent from N1.13 billion in 2019 to N1.91 billion in 2020. However cost sales grew by 79.34 per cent to N1.73 billion from N962.98 million in 2019.

The company had sustained loss position for the nine months ended December 31, 2019, with a loss after tax of N212.28 million from a loss of N169.67 million in 2018. Loss before tax was N206.08 million in 2019 from N169.66 million in 2018. However, revenue grew by 97.47 per cent to N5.01 billion from N2.54 billion in 2018. Cost of sales rose by 144.69 per cent to N5.31 billion from N2.17 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 per cent to N8.84 billion from N4.41 billion as at March 2019.

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