Flour Mills of Nigeria feels effects of recession

Flour Mills of Nigeria feels effects of recession

Kylie A E | Bigstock.com

Company saw substantial increase in revenue, but 40 drop in profit

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Group profit after tax for the year of just over NGN8.8 billion (US$28.0 million) compares with more than NGN14.4 billion in 2015-16, while revenue increased 53 percent from more than NGN342 billion to more than NGN524 billion over the same period. Cost of sales rose from almost NGN305 billion to well over NGN457 billion in 2016-17.