Flour Mills of Nigeria Plc posted revenue in excess of N1.5 trillion for the year ended 31 March, 2023, according to its audited financial report released on Tuesday, its biggest-ever annual turnover.
Revenue improved by almost one-third from N1.2 trillion a year earlier. But profit for the year is nothing compared to top line in performance, seeing a sluggish single-digit growth of 5.3 per cent and representing less than 2 per cent of turnover.
Nigeria’s pioneer wheat miller, which imports nearly all of its core raw material wheat, took a double blow from a supply chain disruption occasioned by Russia’s war with Ukraine, two of the world’s biggest producers of the commodity, which has sent wheat prices skywards.
