Flour Mills of Nigeria continues to exhibit stellar performance reporting 31% revenue growth in Q3

NIGERIA – Flour Mills of Nigeria (FMN), one of Nigeria’s leading foods and agro-allied groups has reported a 31% revenue growth in the third quarter ended December 2020 to N200 billion (US$526.3m), with all segments growing by 25% plus.

Its year-to-date revenue at 31 December 2020 was N555 billion (US$1.4 billion), 31% rise from the corresponding period last year.


The company’s profit before tax at year-to-date of N23.6 billion (US$62.1m) was ahead of the full year 2019/20 profit before tax of N17.5 billion (US$46m).

The owner of Iconic brand, Golden Penny attributes the strong performance to its commitment to meet the growing needs of its consumers coupled with its long-term strategy of driving its Food and B2C business while investing in agro-allied and backward integration.

Commenting on the result, the Group Managing Director Boye Olusanya said, “Our ability to stay resilient, while growing organically in a rapidly changing environment, validates our investment strategy, and the strength of our diversified portfolio.

“We are keeping in stride with the government’s vision to ensure food sufficiency and have delivered another truly remarkable result this year. Our priorities remain the same – feeding growth and productivity in Nigeria’s food and agro-allied sector, feeding communities with empowerment, and feeding Nigeria’s future with significant backward integration projects.”


Meanwhile, FMDQ Securities Exchange Limited has approved the listing of the Flour Mills of Nigeria Plc’s N29.89bn (US$78.3m) Series 4 Tranche A and B bonds under its N70bn Bond Issuance Programme on its platform.

“Our ability to stay resilient, while growing organically in a rapidly changing environment, validates our investment strategy, and the strength of our diversified portfolio.”

Flour Mill of Nigeria Group Managing Director – Boye Olusanya

“Flour Mills is delighted to have successfully concluded the issuance of N29.89bn (US$78.3m) Series 4 (Tranche A & B) bonds under the N70bn (US$183.4m) bond issuance programme.

“The bond, which coincided with our 60th anniversary celebration was strongly supported by the institutional investor community and corroborates our strategic objective of sustaining our market leadership position,” Mr Omoboyede Olusanya said.

The company listed the new bonds to diversify its funding sources from the Nigerian capital market, with the hope of enhancing growth and development of the company.

According to the reports, the Senior Unsecured bond listing includes an N4.89bn (US$12.5m) under Series 4 Tranche A of the bond issuance programme, at a 5.5% rate for 5 years, due by 2025, and a N25bn (US$65.5m) under Series 4 Tranche B of the same program at a 6.25% rate for a tenure of 7 years, due by 2027.


The proceeds will be used to refinance existing debt obligations. It will also help the company take collaborative actions to diversify the company’s financing options beyond expensive short-term debt with longer-tenured and lower price funding to optimize capital structure and reduce financing cost.

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