Regular Price Flour Mills of Nigeria Plc (FMN) through its affiliates sought to acquire circa 72percent equity stake in Honeywell Flour Mills Plc (HFMP). FMN and Honeywell Group have executed an SPA in this regard. Recently, Flour Mills of Nigeria Plc released its unaudited nine months (9M) financial results for the period ended December 31, 2021, showing impressive growth across top-to-bottom line figures. The country’s biggest flour miller by value demonstrated solid performance across Food, Agro-Allied and Support Segments delivering topline growth of 51percent in third-quarter (Q3) and 49percent in nine months, behind strong volume growth and mix.
It is noteworthy that persistent operating performance in the Food segment; continuous improvement in the Agro-Allied and Support segments alongside strong volume growth resulted in Flour Mills of Nigeria’s impressive Profit Before Tax (PBT) of N25billion in 9 months and N9.8billion in Q3 – up 7percent and 8percent respectively.