Press Release


Result shows strong revenue growth across business segments, despite the challenging macroeconomic environment.

Lagos, Nigeria; October 27, 2022.

Highlights of the H1’23 business performance.
Compared to H1’22, overall revenue increased by 38% to N721 billion, propelled by a favorable mix and some exchange related pricing.
Strong revenue growth averaging 36% across all business segments.

Operating performance in the Food segment remained solid, notwithstanding a challenging environment with increased input prices and a somewhat softening volume base
Golden Sugar recorded double-digit growth in revenue (51%) and a solid profit growth due to increase in volume and various customer engagement efforts to drive customer loyalty.
Gross profit reached N33.2 billion, up from N25.7billion in H1’22

Operational Review
The group’s operating performance in the Food segment remained solid; profit before tax for Agro-Allied remained at the level achieved the previous year; Sugar segment recorded a significant rebound compared to Q2 2021 as anticipated due to a normalized competitive playing field, increased route to market expansion into both new and rural markets, and increased customer engagement.

The Group is integrating the Honeywell business to realise the synergies anticipated with focus on restructuring the balance sheet to reduce FX exposure and ensure manufacturing stability. This is expected to lead to strong results in the long term.

Commenting on the result and the Group’s strategic imperatives in the years ahead, Mr. Boye Olusanya, the Group Managing Director/Chief Executive Officer, said:

“FMN continues to meet the needs of the consumers with our sustainable route-to-market structure and new product initiatives across our touchpoints. As we can see in the H1 22/23 report, the Sugar segment recorded a significant rebound compared to H1’21/22, a clear demonstration of the Group’s continuous and significant investment in the sugar value chain and across all our key value chains and sectors. As the Group continues to make headway in our backward integration activities through various strategic efforts, we remain committed to feeding the nation, every day.

Also, our investment in product innovation and supply chain optimization was sustained in furtherance of the execution of our long-term strategy. As part of the Group’s strategic roadmap, FMN continues to put in place a business continuity plan to safeguard its supply chain and food production processes to ensure that Nigerians can continue to have access to their daily nourishment”.

End –

About Flour Mills of Nigeria Plc

Incorporated in September 1960 and quoted on the Nigerian Stock Exchange since 1978, Flour Mills of Nigeria (FMN) Plc, owners of the iconic Golden Penny Food brand is one of Nigeria’s leading food and agro-allied companies. With a broad basket of food products and robust pan-Nigerian production, distribution, and supply chain network, FMN is a fully integrated and diversified food and agro-allied group.

FMN group strives in its purpose to “Feed the Nation, Everyday” through its five core food value chains: Grains, Sweeteners, Oils and Fats, Proteins, and Starches. FMN creates value along the entire food chain with its “farm-to-table” model by providing inputs and know-how to farmers, aggregating and sourcing crops and raw materials to supply its world-class processing facilities across Nigeria, and distributing its innovative food brands to its customers.

More information can be found at www.fmnplc.com
Follow FMN, on Facebook, Instagram, LinkedIn, Twitter and YouTube