The administrative expenses of Northern Nigeria Flour Mills increased by 94 percent from about N183million in second quarter ended September 30, 2020 to N353million in the same period in 2021. Selling and distribution expenses equally moved higher from N37.52million in 2020 to N60.16million in the review second quarter financial period ended September 30, 2021.
Operating profit improved marginally to N268million from N241million during second quarter ended September 30, 2021. The Kano-based flour milling company recorded a profit after tax of N194million as at September 30, 2021, from N146million in September 2020, representing a year-to-date increase of 33 percent.
The company retained a profit before tax of N194million as it could not remit tax to government due to its fragile financial performance. Earnings per share increased to 92Kobo from 82Kobo in the preceding second quarter ended September 30, 2020.
The company’s balance sheet increased to N9.1billion from N6. 34billion, representing an increase of 44 percent. Breakdown of the balance sheet indicated that total equity increased from N2.89billion in September 30, 2020 to N2.99billion in September 30, 2021. Northern Nigeria Flour Mills Plc is a milling company in Nigeria which mills wheat and other grains and sells its products under the Golden Penny brand name. Products produced by Northern Nigeria Flour Mills Plc include wheat flour, semovita, wheat offal, masaflour, germ flour, masavita and corn offal. Its retail and wholes range for banking and confectionary includes Golden Penny flour, Golden Penny sugar and Golden Penny rice. The company’s head office is in Kano, Nigeria.