Processor of local grains in Nigeria, Northern Nigeria Flour Mills, said its profits rose by 238 per cent for the fiscal year 2022/2023.
In a statement released by the company, profits surged to N272.82m from N80.67m recorded in the previous year.
The company said its remarkable profitability, market leadership, and unwavering commitment to delivering exceptional food products to consumers fuelled its success.
NNFM’s financial statement showcased a soaring growth trajectory, solidifying its position as a key player in the dynamic food manufacturing industry.
The company’s total assets rose to N17.827bn, representing about a 34 per cent increase from N13.32bn in the previous year.
This achievement underscored NNFM’s unwavering dedication to expanding its production capabilities and diversifying its product portfolio.
NNFM’s equity had experienced growth, reaching N6.58bn, a substantial increase from N2.854bn in the preceding year.
The firm said, “This remarkable achievement can primarily be attributed to the phenomenal growth of the revaluation reserve, which has soared to a staggering N5.05bn.
“This milestone accentuates NNFM’s strategic asset management and its resolute focus on generating maximum value for its esteemed shareholders.”
Demonstrating the efficacy of its cost management strategies and its ability to optimise operational efficiencies, NNFM’s profitability had witnessed an exceptional increase.
The company’s operating profit rose to N567.74m, an increase from N388.07m in the previous year. These outstanding results exemplified NNFM’s agility in adapting to market dynamics, satisfying consumer demands, and capitalising on promising growth opportunities.
The statement said, “As a vital subsidiary within Flour Mills of Nigeria’s illustrious corporate group, NNFM plays an integral role in shaping the group’s esteemed profile.
“Leveraging the group’s vast industry experience and expertise, NNFM consistently delivers high-quality food products that have become synonymous with trust and reliability.
“Its unwavering commitment to innovation, rigorous quality control measures, and sustainable practices further reinforce its standing as the preferred choice for discerning consumers.”
The Group Managing Director and Chief Executive Officer of Flour Mills of Nigeria, Omoboyede Olusanya, said, “Northern Nigeria Flour Mills continues to excel as a strategic subsidiary within our esteemed corporate group.
“These remarkable financial results reflect our collective efforts in fostering innovation, operational excellence, and customer-centricity. We commend NNFM for its outstanding performance and look forward to further growth and success in the future.”
Naidoo expressed delight at the company’s impressive financial performance, stating, “This result and our outstanding growth is a testament to our unwavering commitment to excellence, continuous improvement, and the resilience of our dedicated team.”
“We remain committed to driving local content development, delivering exceptional products, and creating sustainable value for all our stakeholders.”
NNFM remains steadfast in its mission to provide an extensive range of food products by processing locally sourced grains, with its flagship flour brand occupying an indispensable place in households throughout the region, the statement said.
The company said its unyielding dedication to customer satisfaction, coupled with its state-of-the-art production facilities ensured the highest standards of product quality and unwavering consistency.