Food and agro-allied company, Flour Mills Nigeria Plc, on Thursday announced a 17 per cent growth in its profit after tax for the first quarter of 2019.
The details are contained in the company’s unaudited results for the first quarter of the year ended March 31.
The result was posted on the disclosure platform of the Nigeria Stock Exchange, NSE.
Details made available by the integrated food business and agro-allied group showed that the company’s profit before tax (PBT) stood at N5.5 billion, compared to N5.2 billion in the first quarter of 2018. This, the company’s result showed, represents a 6 per cent year-on-year growth.
The group’s profit after tax stood at N4.2 billion for the same period. Compared to N3.6 billion for the same period in 2018, this represents a 17 per cent growth.
The company also said that its finance cost dropped by 27 per cent to stand at N4.5 billion, compared to N6.2 billion in the same period last year.
Similarly, group earnings stood at N134 billion, compared to N133 in the same period in 2018. This showed a 1 per cent growth rate.
The company said that the result shows a strong performance as it continues to make significant gains with a strategy to improve operational efficiency.
Paul Gbededo, the Group Managing Director, said the result shows the direction in which the company was headed.
“We envisage even more organic growth across the food segment, with anticipated moderation in the cost of sales, as global wheat prices reduce and our improved investment in aligning marketing, sales and distribution activities boost earnings and increase market gains,” he said.
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