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BREAKING: Crisis As Flour Mills Losses Billions in Quarter 1 Released Financial Report

Flour Mills Nigeria Plc (FMN) loses several billions in the quarter 1 pre-tax 2024 financial statement released in June…

Flour Mills Nigeria Plc (FMN) loses several billions in the quarter 1 pre-tax 2024 financial statement released in June.

ENigeria Newspaper reports that in the Q1 2024 unaudited financial statement for the month ended in June 2023, Four Mills Plc recorded an unprecedented 227% decline in pre-tax loss.

According to records obtained by this newspaper, the 227% decline in pre-tax losses amounts to N9.38 billion for the quarter as against a profit of N7.33 billion in the same period last year.

Flour Mills Nigeria Plc is a big player in the FMCG circle. A Nigerian diversified agribusiness company, founded in 1960 by George S. Coumantaros. FMN employs over 12,000 people.

FMN as it is popularly known currently rests on the shoulders of Chief Executive Officer, Omoboye Olusanya who was the company’s Chief Operating Officer before his status was elevated. Olusanya joined the company in 2020 after the retirement of Paul Gbededo who served on the board of FMN for 38 meritorious years.

Among other subsidiaries of FMN is Honeywell previously owned by controversial billionaire, Oba Otudeko.

More multinational companies continue to record losses, with others frustrated out of the country over faulty government policies.
Only weeks back ENigeria Newspaper reported that gloomy days are ahead for Guinness Nigeria Plc especially as forex losses continue to skyrocket.

In the report it was stated that As Nigeria continues to battle an unstable forex market along with fuel subsidy removal, more multinational companies are exiting the country with others posting huge forex losses which have impacted their share existence.

The announcement of floating of the naira or currency unification by the Central Bank of Nigeria (CBN) was one policy many Nigerian analysts predicted could spell doom for businesses across the country, but the situation reached an all-time apprehension when Glaxosmith a big pharma company announced its exit from the Nigerian market days ago, citing unavailability of forex to process its international transaction as key factor undoing its business in Nigeria. To Read The Full Story CLICK HERE

This is a developing story, more to come shortly.

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