● Nigeria’s border reopening will not impact profitability in 2021 – Flour Mills GMD

● Nigeria’s border reopening will not impact profitability in 2021 – Flour Mills GMD

Mr. Omoboyede Olusanya, the Group Managing Director of Flour Mills Nigeria Plc has disclosed that the latest reopening of the nation’s land borders will not adversely impact the efficiency and profitability of the firm in 2021 and past.

He added that FMN will proceed to leverage model loyalty, product standardization and innovation, in addition to improved price effectivity to extend profitability in 2021.

This assertion was made by the Olusanya throughout the firm’s 9M’20/21 Investor Webinar which held just about on January 26, 2020.

According to the assertion made by Mr. Olusanya at the digital assembly, the reopening of the nation’s land border will not have an effect on the firm’s gross sales and income, as Flour Mills Nigeria is concentrated on rising operational effectivity with accelerated plans for price optimizations throughout the group to make sure aggressive product choices and profitability in the new working setting, occasioned by the border reopening.

He revealed that the firm will proceed to speculate in native content material improvement, manufacturing capability and aggregation to strengthen product innovation and product standardization in a bid to foster model loyalty.

In line with this, Flour Mills Nigeria has invested closely to upscale its Regional Distribution Centers (RDCs), in order to achieve direct entry to client market segments throughout the nation, and broaden client attain with the highway to market initiatives and product choices throughout the group, particularly in the B2C phase.

Olusanya revealed that the group has efficiently opened new regional distribution facilities (RDCs) in Kano, Magboro and Abuja concentrating on the new fast-growing B2C product classes (fat, sugar and garri).

He added that the FMN Group amongst different strategic investments made, has invested in vans to help the RDCs, animal feeds and starch worth chains; in addition to gross sales drive automation platforms to make sure high-quality processes and providers.

He concluded that the actions of the firm will be complemented by the efforts of the nation’s border safety, as these brokers would make sure that the borders do not grow to be porous, and would assist to curtail markets from being proliferated by imported objects.

What it is best to knowRecall that Nairametrics reported that Flour Mills Nigeria Plc declared a revenue of N5.65 billion in the third quarter ended, thirty first December 2020.The report revealed that the revenue which Flour Mills made in the third quarter of its accounting 12 months 2020/2021 rose by a whopping 150.36% when in comparison with the revenue it made in the corresponding interval of 2019.It is vital to note that the spectacular efficiency of the firm was pushed by the agro-allied phase. The Agro-Allied phase benefited immensely from the August 2019 border closure, as the revenue from this phase improved by 15,268%.

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