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Key Points
- John Coumantaros’ stake in Flour Mills of Nigeria tops $100 million, cementing his position among top investors on the Nigerian Exchange.
- Flour Mills' shares have climbed 4.84% since Nov. 1, driving its market cap above $150 million and boosting Coumantaros' holdings by $4.65 million.
- Flour Mills' stock has delivered 96.67% in local returns this year, while currency devaluation limited gains to 2.9% in dollar terms.
John Coumantaros, chairman of Flour Mills of Nigeria Plc, has solidified his standing as one of the leading business figures in Africa’s food and consumer goods sector, with his stake in the company now valued at over $100 million.
The Lagos-based Greek businessman holds a 63-percent stake in Flour Mills. Since Nov. 1, the market value of his shares in the agro-allied conglomerate has increased by N7.79 billion ($4.65 million) to $100.77 million.
This follows a $31.57-million increase in the value of his stake earlier this year, between Sept. 5 and Oct. 9, when his holdings soared from $68.11 million to $99.68 million.
Flour Mills posts strong half-year results
Flour Mills of Nigeria, founded in 1960 by George Coumantaros, has grown into one of the country’s leading foods and agro-allied firms. Under his son John’s leadership, it maintains a strong market position.
For the first half of fiscal 2025, Flour Mills posted a 76 percent revenue jump to N1.7 trillion ($1.01 billion), while gross profit rose 53 percent to N161.1 billion ($96.4 million), defying tough economic conditions in Nigeria.
The company’s shares are up 4.8 percent since Nov. 1, climbing from N62 ($0.037) to N65 ($0.039), lifting its market value to over $150 million. This boost has increased John Coumantaros' stake to about N168.8 billion ($100.8 million).
Investor returns amid currency pressures
Flour Mills' strong financial results have translated into solid returns for investors. Year-to-date, shares have appreciated by an impressive 96.67 percent in local currency.
Yet, the naira's devaluation has dampened returns in dollar terms, resulting in a 2.9 percent increase for foreign investors.
A $100,000 stake in the company is now worth $102,900, underscoring currency risk in Nigeria despite Flour Mills' robust performance.
