Flour Mills of Nigeria appoints company’s newly assigned COO to Board of Directors

NIGERIA – Flour Mills of Nigeria Plc, a diversified Nigerian agribusiness company has announced the appointment of Mr Omoboyede Oyebolanle Olusanya to the Board of Directors of the firm, which was effective since 29 July 2020. Mr Olusanya, recently joined Flour Mills as the Group Chief Operating Officer in January 2020. Before joining Flour Mill, he had served in similar leadership positions including Chief Business Transformation Officer at Dangote Group, where he spearheaded the transformation of the group. He has also served as the MD/CEO of Emerging Market Telecommunications Service…

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Flour Mills of Nigeria reports triple digit growth in profit after tax to US$30m despite economic headwinds

NIGERIA – Flour Mills of Nigeria (FMN), one of Nigeria’s leading food business and agro-allied groups, has announced a 9% growth in revenue to N574 billion (US$1.51bn) for the year ended March 2020, compared to N527 billion (US$1.39bn) achieved in 2018/19 full year. The rise in revenue, according to the company is attributed to strong growths in all three key segments of Food, Agro- Allied and Sugar, despite prevailing economic headwinds and the difficult operating terrain of Apapa, Lagos. The company’s profit before tax saw a tremendous increase of 72%…

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Financial market infrastructure group admits Flour Mills’ US$77.5m commercial papers

NIGERIA – FMDQ, Africa’s first vertically integrated financial market infrastructure group, through its subsidiary FMDQ Securities Exchange Limited, has approved the quotation of the Flour Mills of Nigeria Plc N10bn (US$25.8m) Series 13 and N20bn (US$51.6m) Series 14 Commercial Paper (CP) notes. The notes are part of the diversified Nigerian agribusiness firm’s N100bn (US$258.4m) CP Issuance Programme on the Exchange’s platform, according to a statement from FMDQ. “As with previous papers issued under the programme and like all other securities listed, quoted and traded on the FMDQ Exchange platform, the Flour…

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Flour Mills of Nigeria beefs up government’s efforts against Covid-19 with US$2.8m

NIGERIA – Flour Mills of Nigeria (FMN), one of Nigeria’s leading food business and agro-allied groups, has matched forward with its biggest strength to the table to fight the COVID-19 virus in the country. The company has strengthened the fight to curtail the spread of the pandemic by redeeming US$2.8 million pledge to the Nigerian Private Sector Coalition Against COVID-19 (CACOVID). FMN revealed that it is procuring US$1.5 million worth of medical supplies, which will rapidly beef up the Nigerian COVID-19 testing capability. The medical supplies being facilitated are 331,000…

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Nigerian Stock Exchange lists Flour Mills US$55.16m medium term bonds

NIGERIA – In line with its arrangements to maintain operations in the face of the Coronavirus (COVID-19) restrictions, the Nigerian Stock Exchange (NSE) has successfully listed Flour Mills of Nigeria Plc bonds worth N20 billion (US$55.16m) on the Exchange. Flour Mills listing was its N12.5 billion (US$32.3m) 3-year, 10% Series 3 (Tranche A) Fixed Rate Senior Unsecured Bond due 2023; and the N7.5 billion (US$19.4m) 5-Year, 11.10% Series 3 (Tranche B) Fixed Rate Senior Unsecured Bond due 2025; part of the N70 billion Bond (US$193m) Issuance Programme on its platform.…

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Flour Mills grows profit before tax for Q3 to US$10.2m

NIGERIA – Flour Mills of Nigeria Plc, a diversified Nigerian agribusiness company has reported a 23% increase in profit before tax to N3.7 billion (US$10.2m) in the third quarter for the year 2019/20. The group’s revenue in Q3 2019/20 was N152.7 billion (US$422.4m), compared to N130.9 billion (US$362.1m) in Q3 2018/19 which was 17 per cent YoY growth. For the nine months ended 31st December 2019, Group revenue was N423.5 billion (US$1.17b), representing a six per cent increase compared to same period last year, according to the group in a…

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Flour Mills of Nigeria to issue US$55.16m medium term bonds

NIGERIA – Flour Mills of Nigeria Plc, a diversified Nigerian agribusiness company has announced its plan to issue a N20 billion (US$55.16m) medium-term bonds, which is subject to appropriate pricing. In a statement to the Nigerian Stock Exchange, the maker of Golden Penny spaghetti said that the proposed issuances are expected to be senior unsecured fixed-rate bonds. The statement further to disclose that the bonds would have tenors of three years and five years, respectively. The latest issuance is part of Flour Mill’s previously approved N70 billion (US$193m) issue programme.…

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Flour Mills of Nigeria half year profits rise 16% to US$16.2m

NIGERIA – Flour Mills of Nigeria Plc (FMN), one of Nigeria’s leading integrated food business and agro-allied company, has posted a 16% rise in profit after tax of N5.9 billion (US$16.2m) in its unaudited half year (H1) results compared to N5.1 billion (US$14m) recorded in the same period in 2018. Amid a challenging operating environment and continuing pressures on the profitability of most companies in the FMCG Sector, the company recorded a profit before tax (PBT) of N8.6 billion (US$23.7m), compared to N8.3 billion (US$22.8m) in H1 of 2018, showing…

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Flour Mills of Nigeria banks on turnaround initiatives to boost growth

NIGERIA-Flour Mills of Nigeria Plc (FMN), one of Nigeria’s leading integrated food and agro-allied company, envisions continuous growth in key segments as strategy to delivered improved margins and operational efficiencies which will in turn result in higher profitability. The key areas targeted are the continuous implementation of turnaround initiatives in the business, accelerated expansion in the business-to-consumer segment, optimal operation of supply chain and further balance sheet management. Earlier this year, the company received approval from its shareholders to merge five of its subsidiaries with its holding company under a…

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Flour Mills of Nigeria full year revenues decline 3.37% to US$1.45bn

NIGERIA – Flour Mills of Nigeria Plc, one Nigeria’s leading integrated food and agro-allied company, reported a 3.37% decline in revenue to US$1.45 billion (N524.41bn) for the year ended March 31, 2019 from  US$1.51 billion in the previous year. The company’s profit after tax also declined by 70.62% to US$11.09 million (N4.00 bn) during the period despite a 30% reduction of its financing cost. According to a statement issued by the company, its finance cost dropped by US$27.18 million (N9.8bn) while total net debt reduced by US$58.8 million (N21.2bn) which it…

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