The year 2016 would go down as one of the toughest years within the Nigeria business climate. With record high inflation and economic instability in every sphere of business life in Nigeria, it would have been expected that margins would thin out and corporate results not so wonderful. However, this is not the case with the Nigerian flour milling industry. Compared to the immediate previous year's results, two corporate giants in the industry; Honeywell Flour Mills Plc and Dangote Flour Mills closed the financial year 2016/17 at record profit. As at the end of March 2017, HFMP netted N5.5bn profit, a record 291% profit growth over the previous year. On her part, Dangote Flour Mills Plc recorded a pretax profit of about N13bn. http://www.tribuneonlineng.com/honeywell-flour-mills-posts-n53-27bn-revenue/
investadvocate.com.ng/.../2016-dangote-flour-mills-returns-profitabilityposts-n12-bn-...
Unfortunately, unlike the flour millers, there are no separately publicly quoted bakeries and catering companies in Nigeria (Leventis Foods & UTC are part of a conglomerate) to help track the performance of baked goods industry as end-users of flour. But it is hoped, the Master Bakers and Caterers also smiled to the bank like the millers.
Friday, 17 November 2017
Buhari Appoints Adeyeye New NAFDAC DG
The appointment was contained in a statement on Tuesday by Assistant Director (Press), Office of the Secretary to the Government of the Federation, Mohammed Nakorji.http://punchng.com/buhari-appoints-adeyeye-as-new-nafdac-dg/
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