Flour Mills of Nigeria’s shareholders approve merger of five subsidiaries

NIGERIA – Flour Mills of Nigeria Plc (FMN), an agro-allied company, has received approval from its shareholders to merge five of its subsidiaries with its holding company under a Scheme of External Restructuring. The merger involves; Golden Noodles Nigeria Limited, Golden Transport Company Limited, FMN Cement Industries (Nigeria) Limited, New Horizon Flour Mills Limited and…

Flour Mills of Nigeria’s year profit hit by 10% drop in sales revenue

NIGERIA – Flour Mills of Nigeria has posted sales revenue of US$743.26 million for the half year operations ended September 2018, a drop of close to 10% year-on-year.  An impressive growth of 54% in after tax profit in the last financial year has shifted to a 46% drop in the bottom line at the end…

Flour Mills of Nigeria profits drop 26% in a challenging business environment

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…

Flour Mills Nigeria enters partnership with DowDuPont for maize hybrid development

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…

Dangote, Flour Mills of Nigeria boost wheat production with threshing machines

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…

Flour Mills of Nigeria undertakes wheat seeds multiplication initiative

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…

Flour Mills of Nigeria commissions 100,000 tonnes sugar mill and estate

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…

FlourMills Nigeria records US$1.18 billion revenue in third quarter

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…

Flour Mills of Nigeria to empower youth in a new programme

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…

Flour Mills formally applies for US$111 million in rights issue

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…