Flour Mills revenue hits N524bn despite recession

Despite the economic recession, Flour Mills Nigeria Plc announced a 53percent growth in revenue.

The figure was N342 billion in the previous year.

Speaking at its 57th annual general meeting held in Lagos recently, John Coumantaros, chairman, Flour mills group assured stakeholders of a bright future.

‘‘Though the operating environment has been tough and challenging, I want to reassure you that you can look to the future with confidence that our Group’s prospects are promising and bright while the fundamentals are strong. We see opportunities in the challenges and are determined to explore them in the most profitable but sustainable manner,’’ said Coumantaros.

‘‘We are determined to continue to ensure that our investments and processes aside from ensuring value for shareholders and other stakeholders, continue to enrich the lives of our consumers, farmers, suppliers and other relevant stakeholders.’’

He said the company will continue to support the Federal Government’s backward integration policy adding that the company is determined to ensure that their agro-allied strategy provides sustainable returns on capital invested by maximising local content in group products.

‘‘To further our vision to be involved at all stages of the food value chain from farm to table, raw materials being produced locally to ensure that good quality but fair value products are developed through the food supply chain to the final consumer consumption. By our policy of aggregating grains and local farm products, we are creating jobs and boosting rural economy,’’ he added.

Coumantaros also reiterated the company’s resolve towards feeding the nation and supporting local businesses.

‘‘We shall keep maintaining our wide portfolio of high quality consumer food options and step up our input of locally sourced raw materials thereby supporting the livelihood of Nigerian farmers and Nigerian businesses. We shall also continue to invest in our growing portfolio of localised products in support of the nation’s economy,’’ he added.

Continuing, he said, ‘‘As we strive to further restructure our operations, streamline our business operations to focus on core businesses, constantly monitor and manage our costs optimally, improve and re-engineer our existing product range, we will focus on innovation and develop new strategies for the market making our products more visible and available at points of sale. We shall also continue to improve our sales, merchandising, redistribution personnel and activities.’’

Timothy Adesiyan, Patron, Nigerian shareholders solidarity association applauded the company for maintaining the N1 dividends they are giving stakeholders despite the economic downturn.

‘‘Despite the recession and all the problems in foreign exchange, we are very happy that the company could still perform up to this level and still manage to give us the kind of dividends which they are giving us.

‘‘We are pleased to know the management and the board have managed the company in such a way that they are able to sail through,” said Adesiyan.

Commenting on the company’s performance, Boniface Okezie, National chairman, progressive shareholders association of Nigeria said the company has done very well.

‘‘The company has performed very well despite the economic headwinds and a lot of company manufacturers have not been finding it easy. With the country out of recession now, I know the company will do more because they have what it takes. Their products are wonderful,’’ Okezie said.

CHINWE AGBEZE