Oct 30 (Lagos) - Flourmills of Nigeria Plc (
FLOURMILL ) joined Honeywell Flour Mills (
HONYFLOUR ) and Dangote Flour Mills Plc (
DANGFLOUR ) in releasing impressive third quarter results today to their respective shareholders.
All three Companies recorded gains in their total equity and BVPS which should provide a boost to their stock prices.
DANGFLOUR and
HONYFLOUR gained 10.19% and 4.98% today respectively at Nigerian Stock Exchange in Lagos.
FMN (
FLOURMILL ) the biggest of the three Companies was the last one to post its Q3 today and we should see positive reaction tomorrow it its stock price as well.
Top line sales grew 17% to N 298 billion for the first 6 months of its calender year ended Sep 30 2017.
Profit before tax rose 53% to N 9.35 billion in first 6 months of 2017 companies to N 8.8 billion in the same period of last year.
Profit after tax rose 45% to N 9.37 billion in the six month period up from N 6.4 billion for the same period of last year.
Finance costs were a major burden for the Company as they paid N 16 billion in finance cost up from N 10.9 billion in same period of last year.
FLOURMILL is raising N 70 billion part of which is meant for debt refinancing to lower this finance cost.
Shares of
FLOURMILL currently trade at N 30 per unit.
reporting for easykobo.com on Monday, October 30 2017 from Lagos, Nigeria