Flour Mills of Nigeria begins exports to neighbouring countries
Flour Mills of Nigeria, a food and agro-allied company, said it had started exporting its products to neighbouring African countries, even as it seeks to cut the importation of raw materials.
Its export revenue surged to N62.5 billion in the year ended March 31, 2024 from N27.2 billion in the previous year, according to its annual report released on Sunday.
“The group is currently involved in the backward integration of agro allied products in order to reduce the foreign exchange risk associated with the high dependence on imported raw materials. The group has also commenced the export of products to neighbouring African countries in order to get more inflow of the USD,” it said.
The company saw its finance costs jump to N208.81 billion from N87.21 billion amid rising interest rates and foreign exchange losses occasioned by naira devaluation. It posted a pretax loss of N236.68 million compared with a profit of N39.78 billion in the previous year.
