Nigeria’s border reopening is not going to influence profitability in 2021 – Flour Mills GMD

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Mr. Omoboyede Olusanya, the Group Managing Director of Flour Mills Nigeria Plc has disclosed that the current reopening of the nation’s land borders is not going to adversely influence the efficiency and profitability of the corporate in 2021 and past.

He added that FMN will proceed to leverage model loyalty, product standardization and innovation, in addition to improved price effectivity to extend profitability in 2021.

This assertion was made by the Olusanya in the course of the firm’s 9M’20/21 Investor Webinar which held just about on January 26, 2020.

According to the assertion made by Mr. Olusanya on the digital assembly, the reopening of the nation’s land border is not going to have an effect on the corporate’s gross sales and income, as Flour Mills Nigeria is targeted on rising operational effectivity with accelerated plans for price optimizations throughout the group to make sure aggressive product choices and profitability within the new working setting, occasioned by the border reopening.

He revealed that the corporate will proceed to spend money on native content material growth, manufacturing capability and aggregation to strengthen product innovation and product standardization in a bid to foster model loyalty.

In line with this, Flour Mills Nigeria has invested closely to upscale its Regional Distribution Centers (RDCs), with a purpose to acquire direct entry to shopper market segments throughout the nation, and broaden shopper attain with the street to market initiatives and product choices throughout the group, particularly within the B2C section.

Olusanya revealed that the group has efficiently opened new regional distribution facilities (RDCs) in Kano, Magboro and Abuja concentrating on the brand new fast-growing B2C product classes (fat, sugar and garri).

He added that the FMN Group amongst different strategic investments made, has invested in vans to help the RDCs, animal feeds and starch worth chains; in addition to gross sales drive automation platforms to make sure high-quality processes and companies.

He concluded that the actions of the corporate will likely be complemented by the efforts of the nation’s border safety, as these brokers would make sure that the borders don’t turn into porous, and would assist to curtail markets from being proliferated by imported objects.

What it’s best to know

  • Recall that Nairametrics reported that Flour Mills Nigeria Plc declared a revenue of N5.65 billion within the third quarter ended, thirty first December 2020.
  • The report revealed that the revenue which Flour Mills made within the third quarter of its accounting yr 2020/2021 rose by a whopping 150.36% when in comparison with the revenue it made within the corresponding interval of 2019.
  • It is essential to notice that the spectacular efficiency of the corporate was pushed by the agro-allied section. The Agro-Allied section benefited immensely from the August 2019 border closure, because the revenue from this section improved by 15,268%.

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