Northern Nigeria Flour Mills grows profits to N273m

<p>Processor of local grains in Nigeria, Northern Nigeria Flour Mills, said its profits rose by 238 per cent for the fiscal year 2022/2023.</p>, <p>In a statement released by the company, profits surged to N272.82m from N80.67m recorded in the previous year.</p>, <p>The company said its remarkable profitability, market leadership, and unwavering commitment to delivering exceptional food products to consumers fuelled its success.</p>, <p>NNFM’s financial statement showcased a soaring growth trajectory, solidifying its position as a key player in the dynamic food manufacturing industry.</p>, <p>The company’s total assets rose to N17.827bn, representing about a 34 per cent increase from N13.32bn in the previous year.</p>, <p>This achievement underscored NNFM’s unwavering dedication to expanding its production capabilities and diversifying its product portfolio.</p>, <p>NNFM’s equity had experienced growth, reaching N6.58bn, a substantial increase from N2.854bn in the preceding year.</p>, <p>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.</p>, <p>“This milestone accentuates NNFM’s strategic asset management and its resolute focus on generating maximum value for its esteemed shareholders.”</p>, <p>Demonstrating the efficacy of its cost management strategies and its ability to optimise operational efficiencies, NNFM’s profitability had witnessed an exceptional increase.</p>, <p>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.</p>, <p>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.</p>, <p>“Leveraging the group’s vast industry experience and expertise, NNFM consistently