Flour Mills of Nigeria Plc, a prominent agro-allied group headquartered in Lagos and led by Greek multimillionaire businessman John Coumantaros, has reaffirmed its commitment to supporting local suppliers and advancing its backward integration program.
The company recently announced an impressive disbursement of N649.9 billion ($842 million) to local suppliers, signaling a substantial increase compared to the N552.5 billion ($715.48 million) paid in 2021.
In its latest 2021/2022 Sustainability Report titled, “Building a Sustainable Future, Scaling Impact,” Flour Mills of Nigeria proudly shared the significant rise in funds allocated to local suppliers, emphasizing its ongoing investment in the development of local content through procurement and backward integration.
The company’s success in procurement and backward integration is also reflected in the recent recognition it received. Flour Mills of Nigeria was awarded the Sustainability, Enterprise, and Responsibility Award for the best company in supply chain management during the 2020-2021 financial year. This recognition attests to the group’s effective supply chain strategies and commitment to strengthening local partnerships.
Further underscoring its commitment to environmental sustainability, Flour Mills of Nigeria recycled 2,068 metric tonnes and 780 metric tonnes of packaging materials at its Morpack Lagos and Kano offices, respectively.
Flour Mills of Nigeria, established in 1960, has long been a prominent player in the Nigerian food and agro-allied industry. This reputation can be attributed to the visionary leadership of the late George Coumantaros and his son, John Coumantaros, who presently serves as the company’s chairman.
Coumantaros, a Greek business magnate, is one of the wealthiest industrialists on the Nigerian Exchange, owning a substantial 63.34-percent stake in Flour Mills of Nigeria Plc through Excelsior Shipping Company Limited.
While the company’s revenue increased by 32 percent during the fiscal year, rising from N1.163 trillion ($1.5 billion) in 2022 to N1.54 trillion ($2 billion) in 2023, its profit rose by a modest five percent, from N28.01 billion ($36.2 million) to N29.5 billion ($38.1 billion) during the review period. This growth was partially tempered by a surge in the group’s operating expenses.
