Full-Year 2023: Flour Mills Nigeria posts pre-tax profits of N39.78 billion amid foreign exchange losses and high interest expenses  

Flour Mills Nigeria reported its 2023 full-year results showing pre-tax profit grew by 1.45% year on year, reaching N39.783 billion. 

Key highlights FY 2023 vs FY 2022  

• Revenue N1.54 trillion +32.30% YoY  
• Cost of sales N1.363 trillion +29.06% YoY  
• Gross Profit N177.103 billion +63.85% YoY  
• Administrative expenses N40.531 billion +27.55% YoY  
• Selling and Distribution expenses N16.480 billion +39.71% YoY  

• Net Operating Losses N21.822 billion +15.959.01% YoY 
• Operating income N97.760 billion +49.22% YoY  
• Finance Income N718 million -33.95% YoY  
• Finance cost N55.726 billion +118.69% YoY  
• Profit for the year N29.504 billion +5.32% YoY  

• Cash and cash equivalents N97.702 billion +208.97%.  
• Total Assets N1.097 trillion +64.52% YoY. 

Insights: Despite grappling with foreign exchange losses and substantial interest expenses, FMN managed to achieve a modest 1.45% year-on-year growth, reaching N39.78 billion in pre-tax profit. 

• This accomplishment was primarily driven by impressive growth across the various revenue segments of the company. 

• Foreign exchange losses surged by 208% YoY, reaching N31.48 billion, while interest expenses related to bank loans and overdrafts substantially grew by 170.4%, to N48.56 billion in the 2023 full year.