NNFM returns to profit with N77.841m in Q3


The Kano based Northern Nigeria Flour Mills Plc (NNFM) has released its unaudited results for the period ended 30th September 2020 with a revenue growth in the six months ended 30-09-20 to N4.345 billion from N2.476 billion in 2019.

Revenue for the three months 30-09-20 also rose to N2.440 billion from N1.349 billion in 2019. Profit after tax for the six months ended 30-09-20 rose to N146.342 million from N153.322 loss in 2019.

The company also recorded N77.841 million profits in the Q3 2020 from a loss of N164078 million in 2019.

The company in its annual report for the year ended March 31, 2020 to the Nigerian Stock Exchange (NSE) with revenue growth of 113per cent at N8.841 billion from N4.150 billion in 2019

The company’s operating profit rose to N562.192 million from N527.868 million while profit for the year jumped to N64.635 million from N31.696 million losses in 2019.

Meanwhile, the directors of the company have recommended N26.73 million dividend to shareholders at the forthcoming annual general meeting which represents a dividend of N0.15 per ordinary share of 50 kobo each.

The company did not issue dividend in 2019.