Flour Mills of Nigeria traded at a month-high Monday as shares jumped almost 10% on news that it made nearly three times more annual profit in the year ended March 2020 compared to the previous business year.
The leading provider of food and agricultural products and services announced N11.38 billion in profit for the business year, a 184% increase year-on-year, despite an impairment loss on trade and intercompany receivables of nearly N3 billion in the period.
Interest income from short term investments and deposits, which rose to N2.4 billion from N769 million in the comparable periods, helped to support bottomline.
Read also: Flour Mill hits a decade low at N13.75 as investors show apathy
Shares of the company is trading at N18.75 as of 1.23pm in Lagos. Closing bell will be rung by 2:30pm.
FMN also noted improvement in all segment of its business, except support services, as sales picked up reflecting the favourable demand for necessities goods during the period that ended just before the coronavirus lockdowns in key Nigerian states.
Flour Mills offers flour, noodles, pastas, oil and spreads, and sugar, as well as feeds, fertilizers, and logistics.
Segun Adams
Flour Mills of Nigeria traded at a month-high Monday as shares jumped almost 10% on news that it made nearly three times more annual profit in year ended March 2020 compared to previous business year.
The leading provider of food and agricultural products and services announced N11.38 billion in profit for the business year, a 184% increase year-on-year, despite an impairment loss on trade and intercompany receivables of nearly N3 billion in the period.
Interest income from short term investments and deposits, which rose to N2.4 billion from N769 million in the comparable periods, helped to support bottomline.
Shares of the company is trading at N18.75 as of 1.23pm in Lagos. Closing bell will be rung by 2:30pm.
FMN also noted improvement in all segment of its business, except support services, as sales picked up reflecting the favourable demand for necessities goods during the period that ended just before the coronavirus lockdowns in key Nigerian states.
Flour Mills offers flour, noodles, pastas, oil and spreads, and sugar, as well as feeds, fertilizers, and logistics.
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