Flour Mills of Nigeria Plc (FMN), the Lagos-based agro-allied giant led by Greek multimillionaire John Coumantaros, has posted robust half-year (H1 2025) results for the period ending September 30, 2024, despite Nigeria’s challenging economic environment.
Revenue Surge and Divisional Growth
FMN reported a 75.98% surge in revenue, reaching N1.7 trillion ($1.01 billion) from N964.6 billion ($576.26 million) in the previous year. This growth was driven by outstanding performances in its food and sugar divisions. The food segment saw a 74% increase in revenue to N1.14 trillion ($682.72 million), while the sugar division posted an 84% rise, totaling N274.2 billion ($163.92 million).
Despite the headwinds posed by currency devaluation and inflation, FMN successfully leveraged strong demand and cost optimization in its core divisions to maintain its growth trajectory.
Profitability Gains Amid Economic Challenges
FMN also achieved significant profitability gains, with gross profit rising 53% to N161.1 billion ($96.36 million) and operating profit up by 40% at N105.9 billion ($63.32 million). These profitability improvements reflect FMN’s operational efficiency and effective cost-management strategies amid market volatility.
CEO Highlights Strategic Agility
Group Managing Director and CEO Boye Olusanya praised FMN’s resilience, highlighting the company’s focus on local content and sustainable growth amid FX volatility and rising interest rates. “Our strategic initiatives and agility have allowed us to drive growth across all business segments,” said Olusanya.
Legacy of Leadership and Future Growth Plans
FMN’s leadership in Nigeria’s agro-allied sector is rooted in the vision of its founder, George Coumantaros, and his son, current chairman John Coumantaros. As FMN’s majority shareholder with a 63.34% stake through Excelsior Shipping Company, John Coumantaros continues to guide the company toward long-term success.
Looking forward, FMN aims to build on its H1 performance with strategic cost optimization, product innovation, and partnerships across Africa, reinforcing its commitment to “Feeding and Enriching Lives, Every day” and maintaining its leadership in Nigeria’s food and agro-allied industries.