FMN, Plc, has recorded 29.2 percent increase in gross profit to N33.2billion in the half year 2022 unaudited financial report despite the challenging macroeconomic environment. The Company also posted 38 percent increase in revenue for the period.
According to the company, operating performance in the food segment was strong, notwithstanding a challenging environment with increased input prices and a 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.
Commenting on the result and the Group’s strategic direction 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 touch points. Aswe 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, everyday.
“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.”
