NIGERIA - Flour Mills of Nigeria Plc, the Nigerian agribusiness company has reported 26% decline in group operating profit from US$41.81 million to US$31 million in the first quarter ended June 30. Group revenue fell to US$368.33m, down 11% from US$412.37 million a year ago while profit before tax was US$14.40 million for the three…
NIGERIA - Flour Mills of Nigeria PLC, one of Nigeria’s leading food and agro-allied companies and Corteva Agriscience, Agriculture Division of DowDuPont have entered into partnership for maize hybrid seed development in Nigeria. According to the company, this move reiterates the commitment of Flour Mills of Nigeria Plc (FMN) to be a catalyst in the…
NIGERIA - Dangote, Flour Mills of Nigeria and other stakeholders in the milling industry have donated 50 units AMAR multi-crop threshers to wheat farmers to boost wheat production in the country. According to the Guardian Nigeria, this aims at improving grain production for Nigeria estimated at about 16.3 million tons for wheat, rice, corn and…
NIGERIA - Flour Mills of Nigeria has announced that it is undertaking a wheat seeds multiplication initiative by cultivating 75 hectares of wheat farms in Nigeria, according to the newspaper PM News. The company has made the program possible by providing farmers with certified and high-quality wheat seeds and fertilizers. In addition, through a collaboration…
NIGERIA - Flour Mills of Nigeria Plc, Nigeria’s market leader in food and agro-allied products, has commissioned the Sunti Golden Sugar Estate valued at US$139.5million(N50 billion), located in Niger state of the country. Consisting of a sugar estate and a mill, the new new sugar plantation has capacity to produce 1 million tons of sugarcane…
NIGERIA - Flour Mills Nigeria Plc has posted revenue of US$1.18 billion and profit after tax of US$36.6million for the nine-month period ended December 2017. The company’s nine months performance showed group’s revenue of US$1.17 billion, up from US$1.07 billion in 2016, representing a 10% year-on-year increase. The firm also reported a profit after tax…
NIGERIA - Flour Mills of Nigeria has partnered with Federal Government’s Industrial Training Fund (ITF) to launch a youth capacity development training and empowerment programme. The programme initiated through its Niger Mills, Calabar division, will work to improve capabilities of the youth in delivering meaningful contribution towards national development. According to the company, the new…
NIGERIA - Flour Mills of Nigeria Plc at the weekend submitted formal application to the Nigerian Stock Exchange (NSE) seeking to raise N39.9 billion (US$111 million) in new equity funds from existing shareholders. A regulatory filing at the NSE at the weekend indicated that Flour Mills of Nigeria plans to raise N39.85 billion through a…
NIGERIA – Flour Mills of Nigeria has announced it would commence the process of raising additional capital through the rights issue and medium term notes (MTN). The company, following high bank charges, had been paying on borrowings, which drove costs of finance upwards for many years, It has authorised directors to raise up to US$110…
NIGERIA – The slump in the naira and a rise in the price of wheat have crimped the profit of Flour Mills Nigeria plc (FMN), analysis of the financial statement shows.
