Flour Mills has recorded a 127% profit increase following its end in tax for the year in March 31, 2021.
The company revealed the increase in a statement, stating that its average revenue across its business segment grew by 34% which was led by growth in its agro-allied businesses.
They revealed that its after-tax profit rose from N11.4bn in 2020 to N25.7bn in 2021.
Flour Mill’s Group Managing Director, Omoboyede Olusanya said “Flour Mills emerges from the prevailing COVID-19 environment as a stronger, more resilient, flexible, and confident business as a result of the collective strategic actions made over our 60-year history.
“I want to thank all our employees for their patience and hard work as we consistently adapted to the year’s challenges and invested significantly in our purpose of feeding the nation every day.
“FMN is now harvesting the fruits of these efforts and remains committed to braving a continuously uncertain environment with cautious optimism, innovation, portfolio advancement and other strategies outlined in our recent sustainability report.”