Greek multimillionaire businessman John Coumantaros’ stake in Flour Mills of Nigeria Plc has increased by more than $25 million since the start of the year, as bullish sentiments on the Nigerian Exchange continue to push the food and agro-allied group’s share price to record levels.
According to data tracked by Billionaires.Africa, Coumantaros, one of the Nigerian Exchange’s wealthiest investors, has seen the market value of his equity stake in Flour Mills of Nigeria Plc rise by N11.82 billion ($25.66 million).
Flour Mills of Nigeria, with a market capitalization of N135 billion ($293 million), is the market leader in flour and flour-product marketing and production in Nigeria, as well as one of the country’s largest consumer goods companies listed on the Nigerian Exchange.
Coumantaros, a Nigeria-based Greek businessman and the chairman of Flour Mills, controls 63.34 percent of the agro-allied group through Excelsior Shipping Company Limited.
In recent times, Flour Mills’ share price has increased by 16 percent, rising from N28.4 ($0.0617) on Jan. 1 to N32.95 ($0.0715) on March 7, driven by investors’ reactions to figures contained in the group’s recently published financial results.
As a result of the year-to-date surge in Flour Mills’ share price, the market value of Coumantaros’ stake in Flour Mills has increased by N11.82 billion ($25.66 million) since the beginning of the year, from N73.76 billion ($160.2 million) to N85.58 billion ($185.9 million).
The recent increase in the group’s share price comes after it reported a double-digit increase in its revenue due to the impressive performance of its food, agro-allied, and sugar segments.
Despite posting a revenue of N1.114 trillion ($2.41 billion), the group’s profit in the first nine months of its 2023 fiscal year fell 41.2 percent, from N17.04 billion ($37 million) to N10.02 billion ($21.7 million).
The decrease in profits can be attributed to the escalated finance costs during the period, which rose from N16.1 billion ($35 million) to N37.5 billion ($81.4 million).
The group’s earnings were also impacted by the integration of its newly acquired subsidiary, Honeywell Flour Mills Plc, which was completed on May 12, 2022.
