Flour Mill First Quarter Revenue Drops By 10.70 Percent

Flourmills Nigeria Plc has opened its first quarter report for the period ended June 30, 2018 on a negative note as the company revenue for the period went down by 10.70 percent. The company was not able to sustain its profit before tax and profit for the period level.

A breakdown of the unaudited financial statement shows that revenue moved from N148,975 billion in 2017 to N133,028 billion in 2018. Profit before tax went down by 15.84 percent from N6,194 billion in 2017 to N5,213 billion in 2018.

Profit for the period was down by 19.47 percent from N4,531 billion in 2017 to N3,649 billion in 2018.  Gross profit grew marginally by 0.13 percent from N17,239 billion in 2017 to N17,260 billion.

Earnings per share stood at 0.90 in 2018 which is below 1.54 that was reported same period in 2017. Cost of sales was down by 12.12 percent from N131,737 million in 2017 to N115,768 million in 2018.

Photo Caption:  Paul Gbededo