The Flour Mills of Nigeria (FMN) Plc, a food and agro-allied company, increased its revenue by 51 percent from N771.6 million in March 2021 to N1.2billion in March 2022, according to John Coumantaros, chairman of FMN, during the company’s 62nd Annual General Meeting (AGM) in Lagos.
+Coumantaros, represented by Paul Gbededo, Vice- Chairman, attributed the group’s surge in earnings to its resiliency as well as shareholder support, saying the group was able to initiate and complete the acquisition of Honeywell Flour Mills Plc just as the fiscal year ended.
Among other resolutions at the meeting, the shareholders of FMN approved payment of N2.15 dividend for the 2022 fiscal year during the AGM, which was held on September 7, 2022. They also approved for the company’s board of directors to raise N200 billion in additional capital.
“This acquisition created a more resilient national champion for Nigeria in the food industry, laying the groundwork for long-term growth and food security,” the chairman said.
“Our food division’s strategic priorities are motivated by the need to become Africa’s leading consumer and business-to-business (B2B) food brand, with the goal of more than doubling earnings before interest, taxes, depreciation, and amortization (EBITDA).”
FMN’s group managing director/chief executive officer, Omoboyede Olusanya, also spoke: “I am happy to say that we have achieved varying levels of success focusing on our five core value chains of grains, oils and fats, starch, feeds and protein, and sugar.”
In lieu of being the only brand currently producing brown sugar in Nigeria, Olusanya said, “Sunti brown sugar is our way of demonstrating what is possible when we invest in Nigeria.” We collaborated with Nigerian farmers and local communities to create a product that Nigeria can be proud of.”
Furthermore, the GMD stated that “this product clearly demonstrates our commitment to the vision of the National Sugar Master Plan and Nigeria’s self-sufficiency in sugar production agenda.” Sunti brown sugar, I dare to say, seeks to restore Nigeria’s lost glory in the community of sugar-producing nations.”
Similarly, Boniface Okezie, chairman of the Progressive Shareholders Association of Nigeria, praised FMN’s performance in 2022 despite challenges, urging management to capitalize on the opportunity provided by Russia/war Ukraine’s to extend food production in Africa.
He stated that the increasing volatility of the global economy is posing significant particular and aggregate economic challenges for African businesses and consumers.
“By remaining committed to increasing the local content of its inputs and outputs, our group hopes to mitigate some of these headwinds.” “There is no doubt that the need to add value further upstream in the supply chain and reduce reliance on imported raw materials has become more critical,” he said.