N nig. flour mills plc. quarter 1 financial statement for 2025

Three Months

Three Months

Ended

Ended

30-06-24

30-06-23

Note

N'000

N'000

Volumes (MT)

9,189

10,514

Revenue

8,952,126

6,111,403

Cost of sales

1

(8,195,094)

(4,604,891)

Gross profit/(Loss)

757,032

1,506,512

Other Operating Income

23,779

8,479

Selling and distribution expenses

2

(162,896)

(890,445)

Administrative expenses

3

(256,573)

(183,544)

Operating profit/(Loss)

4

361,343

441,002

Investment income

167

149

Finance cost

(13,802)

(8,413)

347,707

432,738

Profit/(Loss) before tax

5

347,707

432,738

Tax expense

-

-

Profit/(Loss) after tax

347,707

432,738

Profit/(Loss) attributable to:

-

-

Owners of the Company

347,707

432,738

Earnings per Share - Basic (Kobo)

195

243

MR. ADRIAN NAIDOO

EMMANUEL N ODIGIE

Managing Director

Chief Financial Officer

FRC/2023/POR/DIR/071/023658

FRC/2013/ICAN/00000004286

30-Jun-24

30-Jun-23

31-Mar-24

Note

N'000

N'000

N'000

Non-current assets

Property, plant and equipment

7,415,522

7,570,974

7,566,959

Deffered tax assets

-

5,815

-

Investments in associates

61,435

49,853

49,853

Total non-current assets

7,476,958

7,626,642

7,616,812

Current assets

Inventories

6

8,321,680

5,639,879

7,645,092

Trade receivables

7a

64,632

665,156

668,456

Other receivables

7c

1,571,223

323,187

133,787

Prepayments

7b

4,375

1,432,312

1,525

Due from related companies

7c

-

-

-

Cash and deposits

4,139,025

955,513

1,762,162

Total current assets

14,100,934

9,016,047

10,211,022

Total assets

21,577,892

16,642,689

17,827,834

Equity

Share capital

89,100

89,100

89,100

Share premium account

89,521

89,521

89,521

Fixed Assets Revaluation Reserve

5,046,057

5,046,057

5,046,057

Retained earnings

3,140,335

1,761,843

1,354,889

Total equity

8,365,013

6,986,522

6,579,567

Non-current liabilities

Borrowings

8a

-

86,400

49,219

Retirement benefit obligation

10

211,910

235,995

199,916

Long service award

11

35,611

42,145

39,857

Deferred Revenue

16

-

6,569

616

Deferred tax (asset)/Liability

9

881,747

768,488

762,672

Total non-current liabities

1,129,268

1,139,596

1,052,280

Current liabilities

Borrowings

8b

0

86,400

164,787

Trade payables

12

957,081

2,950

9,813,215

Other payables

13

9,046,173

7,463,271

37,070

Current tax payable

14

686,677

95,338

95,338

Customer deposits

15

1,393,680

868,612

85,576

Total current liabilities

12,083,611

8,516,572

10,195,986

Total liabilities

13,212,879

9,656,168

11,248,266

Total equity and liabilities

21,577,892

16,642,689

17,827,834

-

Northern Nigeria Flour Mills Plc

Statement of Cash Flows For The Period Ended 30th June 2024

30-06-2024

31-Mar-24

N'000

N '000

Cash flows from operating activities

(Loss)/profit before taxation

347,707

462,061

Adjustments for: Depreciation of property, plant and equipment

69,013

295,551

Losses on disposals of assets

-

37,403

Gain on disposal of PPE

-

(4,800)

Interest Income

(167)

(4,109)

Finance costs

13,802

27,683

Provision for retirement benefit

11,994

14,066

(Credit)/provision for long service award

(4,246)

39,818

Write-off of property, plant and equipment

-

6,941

Gain on foreign exchange transactions

-

Minimum tax

-

82,013

Changes in working capital:

Inventories

(676,588)

592,832

Trade and other receivables

(833,612)

(519,972)

Prepayments

954,231

(90,913)

Investment

(11,582)

(4,925)

Trade and other payables

(687,141)

407,983

Deferred income

616

(26,495)

Customer deposits

1,308,104

870

Dividend payable

2,104

-

494,235

1,316,007

Tax paid

591,339

(77,683)

Value added tax paid

-

-

Retirement benefit paid

-

(7,753)

Long service award benefit paid

-

(3,911)

Net cash used in operating activities

1,085,574

1,226,660

Cash flows from investing activities

Purchase of property, plant and equipment

1,521,034

(185,290)

Sale of property, plant and equipment

-

4,800

Interest Income

167

545

Net cash used in investing activities

1,521,201

(179,945)

Cash flows from financing activities

Proceeds from borrowings

-

-

Repayment of borrowings

(214,006)

(173,768)

Interest Paid on borrowings

(15,906)

(31,800)

Monitoring and guarantee fees

-

(1,741)

Dividend paid

-

(39,767)

Net cash generated from financing activities

(229,912)

(247,076)

Net cash inflow for the year

2,376,863

799,639

Cash and cash equivalents at the beginning of the year

1,762,162

962,523

Total cash and cash equivalents at end of year

4,139,025

1,762,162

NORTHERN NIGERIA FLOUR MILLS PLC -

KANO

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30TH JUNE 2024

Equity attributable to equity holders of the Company

Share Capital

Share

Revaluation

Retained

Total

premium

Reserves

Earnings

Equity

N'000

N'000

N'000

N'000

N'000

Balance at 1 April 2023

89,100

89,521

5,046,057

1,354,889

6,579,567

-

Transfer from total comprehensive income for

-

406,954

406,954

Balance at 30 June 2023

89,100

89,521

5,046,057

1,761,843

6,986,521

Balance at 1 April 2024

89,100

89,521

5,046,057

1,354,889

6,579,567

Transfer from total comprehensive income for

-

1,785,446

1,785,446

Balance at 30 June 2024

89,100

89,521

5,046,057

3,140,335

8,365,013

NORTHERN NIGERIA FLOUR MILLS PLC

- KANO

Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE 2024

PROPERTY PLANT AND EQUIPMENT AS AT 30th JUNE 2024

Building

Plant &

Wheat

Motor

Capitalised

Land Residential

Residential

machinery

Furniture

Truck

Vehicle

Spares

Capital WIP

TOTAL

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

As at 01-04-2024

5,628,000

351,692

3,328,894

190,664

345,131

60,296

64,935

117,132

10,086,744

Additions

24,184

24,184

-

Transfer

-

-

-

Reclassification

-

-

Disposals

-

-

-

Adjustments

-

-

-

As at 30-06-2024

5,628,000

351,692

3,328,894

190,664

345,131

60,296

64,935

141,316

10,110,929

DEPRECIATION:

2,993

1,603,974

78,317

267,729

42,563

April 1, 2024

-

65,202

2,055,951

163,867

292,781

48,556

2,626,357

Charge for the period

-

3,399

57,969

2,459

3,723

1,498

69,049

-

Adjustment

-

-

Disposal

-

-

June 30, 2024

-

68,601

2,113,920

166,325

296,504

50,055

-

-

2,695,407

Net Book Value

June 30, 2024

5,628,000

283,091

1,214,973

24,339

48,627

10,241

64,935

141,316

7,415,522

NORTHERN NIGERIA FLOUR MILLS PLC

- KANO

NOTES TO Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE 2024

NOTES:

30-Jun-24

30-Jun-23

1 COST OF SALES

N'000

N'000

Material costs

7,664,542

4,257,519

Depreciation

65,206

74,808

Direct staff costs

76,913

62,186

Other expenses

30,411

7,611

Rent & rates

-

-

Insurance

11,054

5,420

Petrol, gas & oil

300,983

138,523

Repairs and maintenance

45,985

58,825

8,195,094

4,604,892

2 OTHER GAINS & LOSSES

N'000

N'000

Management fees

-

-

Rent income

1,325.00

966.67

Insurance claims/Provision no longer required

-

-

Income on government grant

3,266.69

2,069.69

Intragroup (Subsidy income, expenses, Technical fee, service provided

-

-

Sundry income

18,074.64

5,189.34

Profit / Loss on disposal of assets

-

-

Exchange gain/loss

1,112.78

-

Wheat handling charges

-

253.14

23,779

8,479

3 SELLING & DISTRIBUTION EXPENSES

N'000

N'000

Employee cost

8,867

6,730

Advertisement

19,505

28,171

Selling expenses

134,523

855,545

162,896

890,446

4 ADMINISTRATIVE EXPENSES

N'000

N'000

Advertising

-

-

Auditors remuneration

4,591

2,798

Bad debts

-

-

Bank charges

10,248

4,929

Cleaning

409

5,303

Consulting and professional fees

179

-

Depreciation, amortisation & impairments

3,807

5,678

Donations

1,710

500

Employee costs

130,227

65,630

Entertainment

7,891

1,705

Fines and penalties

2,822

5,567

IT expenses

2,850

11,142

Insurance

1,267

611

Magazines, books & periodicals

765

663

Medical expenses

-

410

Motor vehicle expenses

(55)

-

Third party -deductible

1,332

(1,153)

Rent & Rate

(145)

3,054

Petrol & oil

10,482

15,822

Placement fees

-

-

Postage

(228)

22

Printing & stationery

-

-

Repairs & maintenance

1,697

11,771

Research & development costs

-

-

Secretarial expenses

12,499

4,610

Security

-

-

Software expenses

-

-

Subscriptions

-

-

Telephone & fax

-

-

Travel -local

2,500

1,027

Travel -overseas

-

-

Other expenses

46,844

18,224

Group overhead allocation

14,882

25,229

Total administration expenses

256,573

183,542

5

FINANCE COSTS

N'000

N'000

Interest on Long Term Loans (BOI)

(13,802)

(16,033)

Interest on CACS Loan

-

-

Interest on IG Loans

-

-

(13,802)

(16,033)

NORTHERN NIGERIA FLOUR MILLS PLC - KANO

NOTES TO Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE 2023

NOTES:

30-Jun-24

30-Jun-23

6

INVENTORIES

N'000

N'000

Raw materials

7,210,706

4,707,361

Packaging materials (consumable)

334,780

233,730

Work in Progress

144,524

128,362

Finished goods

280,850

309,743

Consumables

8,595

2,539

Spare parts (consumable)

96,432

88,179

Sundry stocks(consumable)

245,767

169,966

Provision for obsolete stock

27

-

8,321,680

5,639,879

Goods - in - transit (consumable)

-

-

8,321,680

5,639,879

7a

TRADE AND OTHER RECEIVABLES

N'000

N'000

TRADE RECEIVABLES

Trade Debtors

97,945

720,680

Provision for bad debts

(33,313)

(55,524)

64,632

665,156

7b

Prepayments

N'000

N'000

Prepayments

4,375

1,432,312

4,375

1,432,312

7c

OTHER RECEIVABLES

N'000

N'000

Staff debtors

22,188

27,098

Provision for doubtful Staff loan

(3,213)

(3,386)

Insurance claims

-

-

Withholding tax receivable

1,039

44

Dividend receivable

(0)

-

Other debtors

12,975

11,447

Provision for other receivables

-

-

Intercompany receivables

1,538,235

287,985

Provision Intercompany receivables

-

-

Investment - (Unclaimed Dividend)

-

323,187

Intercompany receivables

-

-