Flour Mills reports $1.01 billion in revenue for H1 2025

Feyisayo Ajayi -
Key Points
  • FMN's revenue soared 75.98% to N1.7 trillion ($1.01 billion), driven by strong performances in its food and sugar divisions.
  • The company reported a 53% increase in gross profit to N161.1 billion ($96.36 million), reflecting effective cost management.
  • CEO Boye Olusanya highlighted FMN's strategic agility, focusing on local content and sustainable growth amid Nigeria's economic challenges.

Flour Mills of Nigeria Plc (FMN), the Lagos-based agro-allied company led by Greek multimillionaire John Coumantaros, reported strong half-year 2025 (H1 2025) results for the period ending Sept. 30, 2024, despite Nigeria's challenging macroeconomic conditions.

Revenue surge and strong performance across divisions

FMN's revenue surged 75.98 percent, climbing from N964.6 billion ($576.26 million) in the same period last year to N1.7 trillion ($1.01 billion). This impressive growth was driven by the company's robust performance in both its food and sugar divisions.

The food segment saw a remarkable 74-percent increase in revenue, reaching N1.14 trillion ($682.72 million). The sugar division performed even better, with an 84-percent rise in revenue to N274.2 billion ($163.92 million).

Despite Nigeria’s persistent economic challenges, including currency devaluation and inflation, FMN managed to capitalize on strong demand and optimized material costs in its core divisions, which contributed to its growth trajectory.

Profitability increases amid inflation and currency fluctuations

FMN also reported significant profitability gains. The company’s gross profit increased by 53 percent to N161.1 billion ($96.36 million), while operating profit rose by 40 percent, reaching N105.9 billion ($63.32 million). These results were driven by operational efficiency and effective cost management strategies amid volatile market conditions.

CEO applauds strategic agility amid economic headwinds

Boye Olusanya, Group Managing Director and CEO of Flour Mills, praised the company’s ability to navigate a challenging economic landscape. “Our focus on local content development and sustainable growth has been key to overcoming challenges, including FX volatility and rising interest rates,” said Olusanya. “These results demonstrate our agility and the strength of our strategic initiatives in driving growth across all business segments.”

Legacy of leadership and future outlook

Flour Mills owes its position as a leader in Nigeria’s agro-allied sector to the visionary leadership of its founder, George Coumantaros, and his son, current chairman John Coumantaros. As the majority shareholder with a 63.34-percent stake in FMN through Excelsior Shipping Company, John Coumantaros continues to guide the company towards long-term success.

Looking ahead, FMN aims to leverage its H1 success through strategic cost optimization, product innovation, and partnerships to drive further growth across Africa. The company remains committed to its mission of “Feeding and Enriching Lives, Every day,” reinforcing its leadership in Nigeria’s food and agro-allied industries.