LAGOS, NIGERIA — Flour Mills of Nigeria Plc posted group operating profit of naira 11.2 billion ($31 million) in the first quarter ended June 30, down 26% from naira 15.1 billion a year ago. Group revenue fell to naira 133 billion, down 11% from naira 148.9 billion a year ago.
“Our business succeeded in posting strong performance in spite of the current business challenges, especially due to the persistent Apapa gridlock,” said Joseph Odion A. Umolu, company secretary and director of legal services. “Management is optimistic that with continued effort to increase sales and marketing activities geared at boosting our top line we should be able to sustain the good performance for the remaining period.”
Profit before tax was naira 5.2 billion in the first quarter, down from naira 6.2 billion.
Flour Mills of Nigeria is engaged in flour milling, production of pasta, noodles, edible oil and refined sugar, production of livestock feeds, farming and other agro-allied activities.