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Tag: Flour Mills

Business

Flour Mills shareholders approve BAGCO as subsidiary

Flour Mills of Nigeria, a food and agro-allied corporation, has its shareholders’ approval to convert a division of BAGCO into a fully owned subsidiary. The Punch reported that this was one of the special resolutions that was approved during the Lagos-based company’s annual general meeting. By a show of hands, the shareholders decided to create […]

NGX Group reports N5.2bn after tax
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MTN, Flour Mills, others cut NGX market valuation by N67bn

The market’s reaction to the Supreme Court’s ruling on the 2023 general election cases has resulted in a N67 billion decline in the market capitalization of the Nigerian Exchange Limited. According to The Punch, this was the local stock exchange’s second day in a row with negative trading. Depreciation in the share values of MTN Nigeria (-0.40 percent), […]

Flour Mills shareholders approve BAGCO as subsidiary
Business

Flour Mills target self-sufficiency in sugar production

Flour Mills of Nigeria Plc has declared that it is trying to help Nigeria attain self-sufficiency in the production of sugar and its by-products. The Punch reported that the food and agro-allied company made this claim in a statement on Sunday. It stated that from its incorporation on September 29, 1960—two days before the country attained […]

Flour Mills shareholders approve BAGCO as subsidiary
Business

Flour Mills Nigeria records ₦39.78bn profit despite forex, interest expenses

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 […]

Flour Mills shareholders approve BAGCO as subsidiary
Business

Flour Mills annual profit hits N29.504bn

Flour Mills of Nigeria Plc, a food and agro-allied company, increased its profit by 5.32 percent to N29.504 billion at the end of the fiscal period, March 2023, from N28,015 billion at the same time in 2022. The Punch reported that the business also reported a 32% increase in income from N1.163tn to N1.539tn in its […]

Flour Mills shareholders approve BAGCO as subsidiary
Business

Flour Mills to issue another N55bn commercial paper

One of the biggest food and agro-allied firms in Nigeria, Flour Mills of Nigeria PLC has announced the issuance of up to N55 billion in Series 3 Commercial Papers as part of its NGN200 billion Commercial Paper Programme. According to Nairametrics, the commercial paper issue is intended to provide short-term funds for the company’s working capital […]