Flour Mills swings to quarterly profit despite N28bn FX loss

Flour Mills of Nigeria swung to a profit before tax of N7.36 billion for the three months ended June 30, 2024 from a loss of N9.34 billion a year earlier.

The food and agro-allied company reported a foreign exchange loss of N28.07 billion, up from N22.53 billion in the same period of 2023, according to its earnings report released on Tuesday.

Its revenue surged to N763.19 billion from N456.38 billion.