Economy

Flour Mills to Exploit Value-Accretive Opportunities for Business Growth

Published

8 years ago

05/07/2018

By Dipo Olowookere

One of the leading flour millers in the country, Flour Mills of Nigeria Plc, has expressed its determination to exploit value-accretive opportunities in order to record more business and financial growths in the future.

Few days ago, the company released its financial statements for 2017.

During the period, the firm recorded a Profit After Tax (PAT) of N13.6 billion, while the Profit Before Tax (PBT) was N16.5 billion.

Chief Financial Officer (CFO) of the company, Mr Jacques Vauthier, while commenting on the results, noted that Flour Mills was making efforts to grow its business in the country.

According to him, during the financial year, decided to accelerate the depreciation period of some support services assets, resulting in a onetime expense of N1.2 billion.

He said, “In spite of these one-time exceptional expenses, and initial losses in some of our early stage agro-allied businesses, our group still recorded a Profit Before Tax of N16.4 billion, confirming our commitment towards cost controls and increasing our margins.

“In an effort to strengthen the company’s capital base, deleverage our balance sheet, and support our working capital needs, we embarked on, and have completed a rights issue program during the past months.

“With the successful completion of the rights issue program, we have now positioned the company to exploit value-accretive opportunities, whilst giving greater operational and financial flexibility to ensure business growth and continuity.”

Also speaking on the results, the Group Managing Director of Flour Mills, Mr Paul Gbededo, noted that the results were indication that efforts to continually push for improved efficiency and synergy in the group were yielding the expected results.

According to him, the firm has continued to consolidate its position in the agricultural segment, with firm commitment to become industry leader while aligning with the agricultural promotion policies at the federal and state levels.

“Our 2017 year-end result shows a remarkable growth in the group’s revenue of N542 billion, which represents an impressive 3.5 percent year on year growth.

“This was achieved through a combination of resilience in the face of a challenging environment; volume growth and product mix from our food and agro-allied businesses.

“We are critically looking into our investments in our backward integration initiatives and have confirmed our commitments towards future profitable growth by recapitalising various subsidiaries.

“We are also impairing at company level, part of our investment in Kaboji Farm, our first agricultural investment, which has now become our centre of excellence for seed and best agricultural practices in maize and soybean,” he said.

Economy

Afriland Properties, Three Others Weaken NASD Exchange by 0.06%

Published

11 minutes ago

29/01/2026

Adedapo Adesanya

By Adedapo Adesanya

Four price losers weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.06 per cent on Wednesday, January 28.

The decliners were led by Afriland Properties Plc, which lost N1.53 to close at N14.50 per share compared with the previous day’s N16.03 per share, Geo-Fluids Plc dropped 50 Kobo to end at N6.35 per unit versus Tuesday’s price of N6.85 per unit, Central Securities Clearing System (CSCS) Plc declined by 35 Kobo to N40.15 per share from N40.50 per share, and Food Concepts Plc decreased by 28 Kobo to sell at N2.72 per unit versus N3.00 per unit.

As a result, the market capitalisation of the bourse went down by N1.3 billion to N2.173 trillion from the N2.174 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) fell by 2.17 points to 3,632.56 points from Tuesday’s 3,634.73 points.

In the midst of the profit-taking, some securities witnessed bargain-hunting, with Nipco Plc gaining N22.00 to close at N242.00 per share versus N220.00 per share of the previous session, FrieslandCampina Wamco Nigeria Plc improved by N4.00 to N68.00 per unit from N64.00 per unit, and Acorn Petroleum Plc added 8 Kobo to finish at N1.38 per share versus N1.30 per share.

At midweek, the volume of securities transacted by the market participants surged by 259.9 per cent to 4.7 million units from 1.3 million units, but the value of securities went down by 8.6 per cent to N52.4 million from N57.3 million and the number of deals shrank by 15.8 per cent to 32 deals from 38 deals.

CSCS Plc remained the most traded stock by value (year-to-date) with 15.3 million units exchanged for N622.4 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units valued at N108.4 million, and Geo-Fluids Plc with 8.9 million units worth N60.3 million.

CSCS Plc was also the most traded stock by volume (year-to-date) with 15.3 million units sold for N622.4 million, followed by Geo-Fluids Plc with 8.9 million units exchanged for N60.3 million, and Mass Telecom Innovation Plc with 8.4 million units traded for N3.4 million.

Economy

Naira Trades N1,400 Per Dollar at Official Market

Published

33 minutes ago

29/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira was exchanged at N1,400.28 per Dollar in the the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, January 28 after it gained 74 or 0.05 per cent against the United States Dollar, according to data from the Central Bank of Nigeria (CBN). In the preceding trading session, the value of the local currency stood at N1,401.22/$1.

However, the domestic currency further depreciated against the Pound Sterling in the official market yesterday by N4.15 to end at N1,929.99/£1 compared with Tuesday’s closing price of N1,925.84/£1 and against the Euro, it lost N3.31 to settle at N1,675.53/€1, in contrast to the preceding session’s closing price of N1,672.22/€1.

At the black market window, the Nigerian Naira maintained stability against the Dollar at N1,480/$1 at midweek, same at the GTBank forex desk, where it closed flat at N1,426/$1.

The Naira has sustained its upward momentum into early 2026, building on the gains recorded in 2025, when it posted its strongest performance in over a decade. Recent reforms in the FX market as well as structural reforms in the oil sector have eased fears and buoyed investments.

This has boosted foreign capital inflows and led to stronger diaspora remittances, keeping the exchange rate at the N1,400 mark in the medium term.

Also boosting the value of the Naira is a general weakening of the greenback in the international market as a result of geographical tensions and risk associated with US policies.

As for the cryptocurrency market, continued strength in commodities, especially record-high gold and elevated silver and copper, have overshadowed crypto markets. A weaker Dollar fueled strong rallies in these commodities, making them safer havens than crypto.

Also, the US Federal Reserve left interest rates unchanged at its meeting on Wednesday.

Solana (SOL) shrank by 2.9 per cent to $123.15, Dogecoin (DOGE) depreciated by 2.6 per cent to $0.1217, Litecoin (LTC) slid by 2.4 per cent to $68.10, Ripple (XRP) fell by 2.1 per cent to $1.87, Cardano (ADA) depleted by 1.9 per cent to $0.3506, Ethereum (ETH) went down by 1.8 per cent to $2,951.30, Bitcoin (BTC) dipped by 1.1 per cent to $88,118.29, and Binance Coin (BNB) slumped by 0.1 per cent to $889.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

Economy

MTN, Oando, RT Briscoe 35 Others Sink Local Stock Exchange by 0.33%

Published

3 hours ago

29/01/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange tasted another defeat on Wednesday after it closed lower by 0.33 per cent due to profit-taking, especially in MTN Nigeria, Oando, UBA, and others.

The selling pressure was triggered by the desire of investors to recaliberate their portfolios and this saw 38 shares end in the red territory as only 32 shares finished in the green side, implying a negative market breadth index and weak investor sentiment.

According to data from Customs Street, RT Briscoe suffered the heaviest lost after it shed 9.97 per cent to trade at N6.50, May and Baker depreciated by 9.96 per cent to N35.25, Ikeja Hotel slumped by 9.92 per cent to N32.25, Living Trust Mortgage Bank lost 9.90 per cent to settle at N4.64, and eTranzact dipped by 9.16 per cent to N17.35.

At the other side of the coin, Union Homes REIT was the biggest price gainer after it improved its value by 9.97 per cent to N94.85, Deap Capital grew by 9.97 per cent to N9.49, Tantalizers appreciated by 9.92 per cent to N3.88, and SAHCO advanced by 9.91 per cent to N128.60.

Leading the activity chart yesterday was Neimeth, which traded 58.1 million equities for N590.6 million, Chams sold 39.4 million stocks worth N190.6 million, Access Holdings exchanged 33.4 million shares valued at N757.5 million, Zenith Bank transacted 32.4 million equities worth N2.3 billion, and Tantalizers recorded a turnover of 29.2 million shares valued at N109.8 million.

At the close of transactions, 631.2 million stocks exchanged hands for N16.5 billion in 42,172 deals at midweek compared with the 483.1 million stocks worth N17.4 billion recorded in 41,499 deals a day earlier, showing a fall in the trading value by 5.17 per cent, and an increase in the trading volume and number of deals by 30.66 per cent and 1.62 per cent apiece.

As for the key performance indices, they were down, with the All-Share Index (ASI) losing 549.44 points to settle at 165,164.38 points compared with the preceding say’s 165,713.82 points and the market capitalisation giving up N352 billion to end at N105.737 trillion versus Tuesday’s N106.089 trillion.