Flour Mills Nigeria has released 2023 full-year results, with pre-tax profit increasing 1.45% year on year to N39.783 billion.
Despite dealing with foreign exchange losses and significant interest payments, FMN managed to increase its pre-tax profit by 1.45% year on year, reaching N39.78 billion.
This achievement was primarily driven by the company’s strong growth across all revenue areas.
Foreign exchange losses increased by 208% year on year to N31.48 billion, while interest payments on bank loans and overdrafts increased by 170.4% to N48.56 billion in the fiscal year 2023.
Key differences between FY 2023 and FY 2022:
Revenue N1.54 trillion +32.30% YoY
Cost of sales N1.363 trillion +29.06% YoY
Gross Profit N177.103 billion +63.85% YoY
Administrative expenses N40.531 billion +27.55% YoY
Selling and Distribution expenses N16.480 billion +39.71% YoY
Net Operating Losses N21.822 billion +15.959.01% YoY
Operating income N97.760 billion +49.22% YoY
Finance Income N718 million -33.95% YoY
Finance cost N55.726 billion +118.69% YoY
Profit for the year N29.504 billion +5.32% YoY
Cash and cash equivalents N97.702 billion +208.97%
Total Assets N1.097 trillion +64.52% YoY
