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Economy

Northern Nigeria Flour Mills Reports N160m Loss

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By Dipo Olowookere

The fortunes of Northern Nigeria Flour Mills (NNFM) Plc continue to dwindle as indicated in the latest financial scorecard released by the company yesterday.

The results showed that despite an improvement in its revenue generated in the first nine months of its financial year, things are still not looking good.

NNFM declared a loss of N160.4 million loss for the nine months ended December 31, 2017 in contrast to the 38.9 million loss declared as at December 31, 2016.

Similarly, the In the period under review, the revenue significantly grew to N1.6 billion from N461.1 million, while the other operating income rose to N423.9 million from N182.4 million.

In addition, the flour miller declared an operating profit of N189.7 million in the period under consideration compared with the operating loss of N56.3 million declared 12 months earlier.

However, the company’s selling and distribution expenses jumped to N7.3 million from N2.6 million, while the administrative expenses increased to N229.8 million from N164.7 million.

In the same period, the investment income reduced to N9.3 million from N17.5 million, while the finance cost was at N359.4 million.

In the financial statements, the company explained that, “The harsh economic environment has not improved during the period, and together with higher finance costs impacted the operational profits.”

“However, management is looking at and exploring all available options to improve the performance within the last quarter of the financial year,” it added.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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