WorldStage Newsonline– Northern Nigeria Flour Mills Plc, a Kano based wheat, sorghum, and maize miller has released its first quarter (Q1) unaudited results for the period ended 30th June 2020 to the Nigerian Stock Exchange (NSE) with 537% profit growth at N68.501 million from N10.755 million in Q1 2019.
The company recorded a turnover of 9,425 metric turn (MT) in Q1 2020, up from 4,698MT in 2019 while revenue appreciated to N1.905 billion from N1.128 billion.
In an explanatory notes by Mr Gert Jacobus Kriek, Managing Director and Emmanuel N. Odigie, Chief Financial Officer, “Expectedly, Management has been able to maintain the profit making strides of the Company in the first quarter of the year with increased turnover and revenues, and a significant reduction in finance costs. This trend is expected to continue.”
