Northern Nigeria Flour Mills Plc has published its annual financial report for the year ended 31 March 2025, announcing a pre-tax profit of ₦2.8 billion. This represents a 25.16% increase compared to the ₦2.3 billion recorded in the previous year, primarily driven by strong revenue growth.
Revenue surged by 36.38% to reach ₦35.3 billion, up from ₦25.9 billion in 2024. The increase was largely fueled by strong performance in wheat product sales, which generated ₦19.8 billion—the highest contributor to total revenue. Maize products followed with ₦10.2 billion, while sorghum contributed ₦3.03 billion. The remaining revenue came from other product categories.
Despite an increase in the cost of sales to ₦30.2 billion (a 35.03% rise from ₦22.3 billion the previous year), the company’s gross profit climbed to ₦5.1 billion, up from ₦3.5 billion.
Other operating income saw a significant boost, rising by 203.74% to ₦138.3 million, mainly driven by freight recoveries and miscellaneous income sources.
However, the company also recorded higher operating expenses during the year. General and administrative expenses rose sharply by 116.49%, reaching ₦2.09 billion.
Despite this, the company’s operating profit rose to N2.8 billion from N2.3 billion in 2024.
Also favorably, finance costs decreased from N21.6 million to N12.7 million, helping ease pressure on the bottom line.
On the balance sheet, total assets stood at N30.5 billion, reflecting a 70.43% increase from the previous year.
Retained earnings also grew, reaching N4.4 billion—up 56.63%.
Key highlights
Revenue: N35.3 billion, +36.38% YoY
Cost of sales: N30.2 billion, +35.03% YoY
Gross profit: N5.1 billion, +44.89% YoY
Other operating income: N138.3 million, +203.74% YoY
General and administrative expenses: N2.09 billion, +116.49% YoY
Operating profit: N2.8 billion, +24.40% YoY
Pre-tax profit: N2.8 billion, +25.16% YoY
Total assets: N30.5 billion, +70.43% YoY
Retained earnings: N4.4 billion, +56.63% YoY
As of the market close on 2nd June 2025, shares of the company were priced at N138.90, with a year-to-date performance of 216.40%.
