The Northern Nigeria Flour Mills, a local Nigerian grain processor, revealed in a statement that its profits for the 2022/2023 fiscal year increased from N80.67m to N272.82m the previous year, an increase of 238%. The company attributes its outstanding achievement to its innovative business practices, dominant market position, and unrelenting dedication to providing consumers with the highest quality food items possible. As showcased in the financial statement, the company’s rapid expansion has established them as an industry leader in the competitive food manufacturing sector.
Compared to the previous year’s total assets of N13.32 billion, the current year’s total assets of N17.827 billion reflect an increase of around 34 percent. This success demonstrated its resolve to continuously increasing its manufacturing capacity and broaden its product range. The equity of NNFM increased, reaching N6.58bn, a substantial rise from the N2.854bn reported the previous year. The company puts much of the honour for this astounding performance on the revaluation reserve, which rises to about N5.05bn.
These remarkable outcomes displayed its new growth prospects.
Reaching this benchmark is an affirmation of NNFM strategic asset management and its unwavering commitment to creating maximum value for its valuable shareholders. Also, its amazing rise in profitability is proof of the success of the company’s cost-saving initiatives and its efforts to improve operational efficiencies. The company’s operating profit increased to N567.74m from N388.07m a year earlier. These remarkable outcomes displayed its propensity to respond quickly to changes in the market, meet the needs of customers, and seize new growth prospects.
According to the statement, NNFM is an essential part of the prestigious Flour Mills of Nigeria corporate group and contributes significantly to the organisation’s prestigious reputation. They have built a reputation for dependable quality and service in the food industry because of the team’s many years of experience in the field. Its dedication to constant improvement, stringent quality assurance procedures, and sustainable business practices all contribute to its status as the go-to brand for the most discerning consumers.
They continue to succeed as a strategic subsidiary.
Omoboyede Olusanya, Group Managing Director and Chief Executive Officer of Flour Mills of Nigeria explained that Northern Nigeria Flour Mills continues to succeed as a strategic subsidiary within their valued corporate group. These extraordinary financial results are a direct reflection of their combined efforts to cultivate innovation, operational excellence, and a customer-centric culture. They commend them on their remarkable performance and look forward to the organisation achieving even greater heights of development and achievement in the years to come.
Speaking further on their growth, he expressed excitement at the exceptional financial performance of the company, noting that this outcome and their outstanding development is a monument to their constant commitment to quality, continuous progress, as well as the resiliency of the dedicated workforce they have. More so, they have not wavered in their dedication to advancing the creation of locally relevant content, providing consumers with outstanding goods, and developing long-term value for all of their stakeholders.
A range of food items are processed with grains sourced locally.
Lastly, the statement added that NNFM is steadfast in its commitment to the aim of providing a comprehensive range of food items by processing grains sourced locally. The company’s flagship flour brand currently has a vital place in the homes of residents throughout the region. They maintained that the combination of its relentless attention to the satisfaction of its customers as well as its state-of-the-art manufacturing facilities assured the highest possible standards of product quality and unfailing consistency.
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