NORTHERN NIGERIA FLOUR MILLS PLC |
Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED |
June 30, 2025 |
NORTHERN NIGERIA FLOUR MILLS PLC.
15, uai Ivlaul Raad, Banpai kxIuatri& Estate, Ka›o -Nd
SECLIRITIES TRADING POMCY
In compllance with the5ecurida & Exchange Commission (SEC} Rule relabng m'the Secudfy Trading Framework of the Nigerian Capital Narket, The Company has developed Security Trading Policy to monitor sectirlty tradlng within the purview of the Framework which Is before the Board for approval, be Framework as established by NNFflI does not pemit insider trading where interested persons are not allowed to trade (buy or sell) in the shares of Nof1:hem Nigeria Flour NIIIs Plc within a bbnket and until the Company's unaudked First Quarter F-lnanclal Statement have been released j:iy the Nigerian Stock Exchange to the public. In the event of anY • trade (buy/sell), this is required to be promptly communicated to the Company
Seoetary for appropriate disclosure to the Nigerian Stock Exchange as required by the Rules of
the Stock Exchange.
DIRECTORS: Alhaji (Dr.) Aminu A. Dantata. CON, Mr. John G. Colxnantatos (USA}, '!tieji R blu M.G¥uuo, OON., Alfiajl Sed Umar, km. Psul Gbedeio, Allla§ Y.O. A gegi,i,
Mr. Rdard Hed$es (Biti¥h), AlN'g Wn¥xlAlxned, Dr. JiNJlla Mdlammed, Sadiq & Usman.
NORTHERN NIGERIA FLOUR MILLS PLC - KANO Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE 2025 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30th JUNE 2025 | ||||||
Three Months Ended | Three Months Ended | |||||
30-06-25 | 30-06-24 | |||||
Note | N'000 | N'000 | ||||
Revenue | 6,819,573 | 8,952,126 | ||||
Cost of sales | 1 | (5,544,050) | (8,195,094) | |||
Gross profit/(Loss) | 1,275,523 | 757,032 | ||||
Other Operating Income | 1,944 | 23,779 | ||||
Selling and distribution expenses | 2 | (660,853) | (162,896) | |||
Administrative expenses | 3 | (321,685) | (256,573) | |||
Operating profit/(Loss) | 4 | 294,928 | 361,343 | |||
Investment income | 649 | 167 | ||||
Finance cost | (11) | (13,802) | ||||
295,567 | 347,707 | |||||
Profit/(Loss) before tax | 5 | 295,567 | 347,707 | |||
Tax expense | - | - | ||||
Profit/(Loss) after tax Profit/(Loss) attributable to: | 295,567 - | 347,707 - | ||||
Owners of the Company | 295,567 | 347,707 | ||||
Earnings per Share - Basic (Kobo) | 166 | 195 | ||||
MR. ADRIAN NAIDOO EMMANUEL N ODIGIE Managing Director Chief Financial Officer FRC/2023/POR/DIR/071/023658 FRC/2013/ICAN/00000004286 July 15th, 2025 Explanatory Notes: Management has been able to maintain the profit making strides of the Company in the first quarter of the year with increased revenues. This trend is expected to continue within the rest of the year. | ||||||
Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE 2025 | ||||||
STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE 2025 | ||||||
30-Jun-25 | 30-Jun-24 | 31-Mar-25 | ||||
Note | N'000 | N'000 | N'000 | |||
Non-current assets | ||||||
Property, plant and equipment | 7,124,148 | 7,415,522 | 7,182,526 | |||
Deffered tax assets | - | - | - | |||
Investments in associates | 80,730 | 61,435 | 80,731 | |||
Total non-current assets | 7,204,878 | 7,476,958 | 7,263,257 | |||
Current assets | ||||||
Inventories | 6 | 22,464,400 | 8,321,680 | 20,456,786 | ||
Trade receivables | 7a | 382,216 | 64,632 | 2,332 | ||
Other receivables | 7c | 5,585,128 | 1,571,223 | 1,005,724 | ||
Prepayments | 7b | 927,016 | 4,375 | 940,672 | ||
Due from related companies | 7c | - | - | - | ||
Cash and deposits | 2,544,371 | 4,139,025 | 880,166 | |||
Total current assets | 31,903,131 | 14,100,934 | 23,285,680 | |||
Total assets | 39,108,009 | 21,577,892 | 30,548,937 | |||
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 | 4,716,429 | 3,140,335 | 4,468,688 | |||
Total equity | 9,941,108 | 8,365,013 | 9,693,366 | |||
Non-current liabilities | ||||||
Borrowings | 8a | - | - | - | ||
Retirement benefit obligation | 10 | 244,220 | 211,910 | 258,666 | ||
Long service award | 11 | 47,007 | 35,611 | - | ||
Deferred Revenue | 16 | - | - | - | ||
Deferred tax (asset)/Liability | 9 | 754,152 | 881,747 | 754,151 | ||
Total non-current liabities | 1,045,379 | 1,129,268 | 1,012,817 | |||
Current liabilities | ||||||
Borrowings | 8b | 0 | 0 | - | ||
Trade payables | 12 | 753,599 | 957,081 | 47,152 | ||
Other payables | 13 | 24,691,362 | 9,046,173 | 18,120,983 | ||
Current tax payable | 14 | 1,257,279 | 686,677 | 1,257,280 | ||
Customer deposits | 15 | 1,419,282 | 1,393,680 | 417,339 | ||
Total current liabilities | 28,121,522 | 12,083,611 | 19,842,754 | |||
Total liabilities | 29,166,901 | 13,212,879 | 20,855,571 | |||
Total equity and liabilities | 39,108,009 | 21,577,892 | 30,548,937 | |||
Northern Nigeria Flour Mills Plc Statement of Cash Flows For The Period Ended 30th June 2025 | |||
30-06-2025 N'000 | 31-03-2025 N'000 | ||
Cash flows from operating activities | |||
(Loss)/profit before taxation | 295,567 | 1,745,076 | |
Adjustments for: Depreciation of property, plant and equipment | 58,379 | 271,644 | |
Losses on disposals of assets | - | ||
Gain on disposal of PPE | - | - | |
Interest Income | (12,715) | ||
Finance costs | 13,851 | ||
Provision for retirement benefit | (14,446) | 30,874 | |
(Credit)/provision for long service award | 47,007 | 12,460 | |
Write-off of property, plant and equipment | - | 7,798 | |
Gain on foreign exchange transactions | - | ||
Minimum tax | - | 1,141,985 | |
Changes in working capital: | |||
Inventories | (2,007,614) | (14,201,771) | |
Trade and other receivables | (4,961,620) | 41,049 | |
Prepayments | 15,988 | (833,511) | |
Investment | - | (19,296) | |
Trade and other payables | 7,276,824 | 11,380,226 | |
Deferred income | - | (3,266) | |
Customer deposits | 1,001,127 | (819,087) | |
Dividend payable | - | - | |
1,711,213 | (1,244,684) | ||
Tax paid | - | (679,104) | |
Value added tax paid | - | - | |
Retirement benefit paid | - | (53,638) | |
Long service award benefit paid | (47,007) | (4,179) | |
Net cash used in operating activities | 1,664,205 | (1,981,605) | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | - | (1,581) | |
Sale of property, plant and equipment | - | - | |
Interest Income | - | 12,715 | |
Net cash used in investing activities | - | 11,134 | |
Cash flows from financing activities | |||
Proceeds from borrowings | - | - | |
Repayment of borrowings | - | (54,593) | |
Interest Paid on borrowings | - | (4,932) | |
Monitoring and guarantee fees | - | (8,967) | |
Dividend paid | - | (72,214) | |
Net cash generated from financing activities | - | (140,707) | |
Net cash inflow for the year | 1,664,205 | (2,111,178) | |
Cash and cash equivalents at the beginning of the year | 880,166 | 2,991,344 | |
Total cash and cash equivalents at end of year | 2,544,371 | 880,166 |
NORTHERN NIGERIA FLOUR MILLS PLC - KANO STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30TH JUNE 2025
Equity attributable to equity holders of the Company | |||||
Share Capital | Share premium | Revaluation Reserves | Retained Earnings | Total Equity | |
N'000 | N'000 | N'000 | N'000 | N'000 | |
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 |
Balance at 1 April 2025 | 89,100 | 89,521 | 5,046,057 | 4,468,688 | 9,693,366 |
Adjustment | (47,826) | (47,826) | |||
Transfer from total comprehensive income for | - | 295,567 | 295,567 | ||
Balance at 30 June 2025 | 89,100 | 89,521 | 5,046,057 | 4,716,429 | 9,941,108 |
NORTHERN NIGERIA FLOUR MILLS PLC - KANO Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE 2025 PROPERTY PLANT AND EQUIPMENT AS AT 30th JUNE 2025
Land Residential | Building Residential | Plant & Machinery | Furniture | Wheat Truck | Motor Vehicle | Capitalized Spares | Total | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
April 1, 2025 | 5,628,000 | 451,650 | 3,338,754 | 199,559 | 345,131 | 60,296 | 56,948 | 10,080,339 |
Additions | - | |||||||
Transfer | - | - | ||||||
Disposals | - | - | ||||||
June 30, 2025 | 5,628,000 | 451,650 | 3,338,754 | 199,559 | 345,131 | 60,296 | 56,948 | 10,080,339 |
DEPRECIATION: | ||||||||
April 1, 2025 | - | 78,942 | 2,281,374 | 174,313 | 309,632 | 53,552 | 2,897,813 | |
Charge for the period | - | 2,380 | 46,826 | 2,986 | 4,880 | 1,307 | 58,379 | |
Eliminated by disposal | - | |||||||
Adjustments | - | |||||||
June 30, 2025 | - | 81,322 | 2,328,199 | 177,298 | 314,512 | 54,859 | - | 2,956,192 |
Net Book Value | ||||||||
June 30, 2025 | 5,628,000 | 370,328 | 1,010,554 | 22,261 | 30,620 | 5,437 | 56,948 | 7,124,148 |
NORTHERN NIGERIA FLOUR MILLS PLC - KANO | |||||
NOTES TO Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE 2025 | |||||
NOTES: | 30-Jun-25 | 30-Jun-24 | |||
1 | COST OF SALES | N'000 | N'000 | ||
Material costs | 5,148,090 | 7,664,542 | |||
Depreciation | 55,248 | 65,206 | |||
Direct staff costs | 47,353 | 76,913 | |||
Other expenses | 45,396 | 30,411 | |||
Rent & rates | - | - | |||
Insurance | 10,796 | 11,054 | |||
Petrol, gas & oil | 178,901 | 300,983 | |||
Repairs and maintenance | 58,266 | 45,985 | |||
5,544,050 | 8,195,094 | ||||
2 | OTHER GAINS & LOSSES | N'000 | N'000 | ||
Management fees | - | - | |||
Rent income | - | 1,325 | |||
Insurance claims/Provision no longer required | - | - | |||
Income on government grant | - | 3,267 | |||
Intragroup (Subsidy income, expenses, Technical fee, service provide | - | - | |||
Sundry income | 2,121 | 18,075 | |||
Profit / Loss on disposal of assets | - | - | |||
Exchange gain/loss | (177) | 1,113 | |||
Wheat handling charges | - | - | |||
1,944 | 23,779 | ||||
3 | SELLING & DISTRIBUTION EXPENSES | ||||
N'000 | N'000 | ||||
Employee cost | 30,210 | 8,867 | |||
Advertisement | 24,584 | 19,505 | |||
Selling expenses | 606,060 | 134,523 | |||
660,853 | 162,896 | ||||
4 | ADMINISTRATIVE EXPENSES | ||||
N'000 | N'000 | ||||
Advertising | - | - | |||
Auditors remuneration | 5,487 | 4,591 | |||
Bad debts | - | - | |||
Bank charges | 5,188 | 10,248 | ||
Cleaning | - | 409 | ||
Consulting and professional fees | - | 179 | ||
Depreciation, amortisation & impairments | 3,131 | 3,807 | ||
Donations | - | 1,710 | ||
Employee costs | 168,471 | 130,227 | ||
Entertainment | 13,660 | 7,891 | ||
Fines and penalties | 1,500 | 2,822 | ||
IT expenses | 12,140 | 2,850 | ||
Insurance | 2,750 | 1,267 | ||
Magazines, books & periodicals | 676 | 765 | ||
Medical expenses | 1,609 | - | ||
Motor vehicle expenses | 25 | (55) | ||
Third party -deductible | 4,280 | 1,332 | ||
Rent & Rate | 5,640 | (145) | ||
Petrol & oil | 12,062 | 10,482 | ||
Placement fees | - | - | ||
Postage | - | (228) | ||
Printing & stationery | - | - | ||
Repairs & maintenance | 156 | 1,697 | ||
Research & development costs | - | - | ||
Secretarial expenses | 8,948 | 12,499 | ||
Security | - | - | ||
Software expenses | - | - | ||
Subscriptions | - | - | ||
Telephone & fax | - | - | ||
Travel -local | 4,520 | 2,500 | ||
Travel -overseas | - | - | ||
Other expenses | 16,962 | 46,844 | ||
Group overhead allocation | 54,488 | 14,882 | ||
Total administration expenses | 321,695 | 256,573 | ||
5 | ||||
FINANCE COSTS | N'000 | N'000 | ||
Interest on Long Term Loans (BOI) | - | (13,802) | ||
Interest on CACS Loan | - | - | ||
Interest on IG Loans | - | - | ||
- | (13,802) |
NORTHERN NIGERIA FLOUR MILLS PLC - KANO | |||||
NOTES TO Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE 2025 | |||||
NOTES: | 30-Jun-25 | 30-Jun-24 | |||
6 | INVENTORIES | N'000 | N'000 | ||
Raw materials | 19,153,430 | 7,210,706 | |||
Packaging materials (consumable) | 464,508 | 334,780 | |||
Work in Progress | -15,621 | 144,524 | |||
Finished goods | 2,499,520 | 280,850 | |||
Consumables | 11,105 | 8,595 | |||
Spare parts (consumable) | 102,854 | 96,432 | |||
Sundry stocks(consumable) | 230,727 | 245,767 | |||
Provision for obsolete stock | (159,233) | 27 | |||
22,287,290 | 8,321,680 | ||||
Goods - in - transit (consumable) | 177,110 | - | |||
22,464,400 | 8,321,680 | ||||
7a | TRADE AND OTHER RECEIVABLES | N'000 | N'000 | ||
TRADE RECEIVABLES | |||||
Trade Debtors | 419,043 | 97,945 | |||
Provision for bad debts | (36,827) | (33,313) | |||
382,216 | 64,632 | ||||
7b | Prepayments | N'000 | N'000 | ||
Prepayments | 927,016 | 4,375 | |||
927,016 | 4,375 | ||||
7c | OTHER RECEIVABLES | ||||
N'000 | N'000 | ||||
Staff debtors | 25,842 | 22,188 | |||
Provision for doubtful Staff loan | (3,213) | (3,213) | |||
Insurance claims | - | - | |||
Withholding tax receivable | 1,093 | 1,039 | |||
Dividend receivable | - | (0) | |||
Other debtors | 12,964 | 12,975 | |||
Provision for other receivables | - | - | |||
Intercompany receivables | 5,548,442 | 1,538,235 | |||
Provision Intercompany receivables | - | - | |||
Investment - (Unclaimed Dividend) | - | - | |||
Intercompany receivables | - | - | |||
Unclaimed Dividend Written Back | - | - | ||
5,585,128 | 1,571,223 | |||
LONG TERM BORROWINGS | ||||
N'000 | N'000 | |||
8a | Interest bearing intra group loan | - | - | |
Long term loan (BOI) | - | - | ||
- | - | |||
8b | SHORT TERM LOANS | N'000 | N'000 | |
Short Term Finance - BOI Loans | - | - | ||
- | - | |||
- | - | |||
9 | DEFERRED TAX | N'000 | N'000 | |
At 1st April | 754,151 | 762,672 | ||
Transfers durng the period | - | - | ||
Charge for the period/year | 1 | 119,075 | ||
At the end of the period | 754,152 | 881,747 | ||
10 | RETIREMENT BENEFIT OBLIGATION | |||
0 | N'000 | N'000 | ||
At 1st April | 258,666 | 199,916 | ||
Service cost | (14,446) | 11,994 | ||
Interest cost | - | - | ||
Acturial gains and losses | - | - | ||
Intercompany transfers | - | - | ||
Benefits paid | - | - | ||
At the end of the period | - | - | ||
244,220 | 211,910 | |||
11 | LONG SERVICE AWARD | |||
.. | N'000 | |||
At 1 April | - | 39,857 | ||
Service cost | - | - | ||
Interest cost | - | - | ||
Benefits paid | - | - | ||
Actuarial (gains)/loss -change in assumption | 47,007 | 4,246 | ||
Actuarial (gains)/loss -experience | - | - | ||
47,007 | 35,611 | |||
12 | TRADE PAYABLES | N'000 | N'000 | |
Trade Creditors - Local | 753,599 | 957,081 | ||
- | - | |||
13 | OTHERS PAYABLES | N'000 | N'000 | |
Provisions & Accruals | 2,214,606 | 189,041 | ||
Intercompany payables | 22,299,493 | 8,784,659 | ||
Value added Tax | (14,370) | (7,710) | ||
Withholding tax | 4,158 | (859) | ||
Sundry Payable Accounts | 140,321 | 41,866 | ||
Dividend payable/Unclaimed Dividend | 47,154 | 39,174 | ||
24,691,362 | 9,046,173 | |||
14 | Current Tax Payable | 1,257,279 | 725,851 | |
15 | Customer deposits | N'000 | N'000 | |
Advance Payments by Customers | 1,419,282 | 1,393,680 | ||
N'000 | N'000 | |||
16 | DEFERRED REVENUE (Balance sheet) | |||
Short term -Government Grant | - | - | ||
Long term - Government Grant | - | - | ||
The deferred revenue arises as a result of the benefit received from below-market rate government ass | ||||
The revenue is recognized in profit or loss over the useful life of the assets financed with the loan. | ||||
Shareholding Structure/Free Float Status | |||||
Description | 30-Jun-25 | 30-Jun-24 | |||
Unit | Percentage | Unit | Percentage | ||
Issued Share Capital | 178,200,000 | 100% | 178,200,000 | 100% | |
Substantial Shareholdings (5% and above) | |||||
FLOUR MILLS OF NIGERIA PLC | 106,206,273 | 59.60% | 106,206,273 | 59.60% | |
GTB/NORTHERN NIGERIA INVESTMENT LTD | 12,955,000 | 7.27% | 12,955,000 | 7.27% | |
Total Substantial Shareholdings | 119,161,273 | 66.87% | 119,161,273 | 66.87% | |
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests | |||||
ALHAJI RABIU GWARZO | 609,598 | 0.34% | 609,598 | 0.34% | |
ALHAJI SANI UMAR | 217,563 | 0.12% | 237,363 | 0.13% | |
ALHAJI OLALEKAN SALIU | 97,881 | 0.05% | 97,881 | 0.05% | |
Total Directors' Shareholdings | 925,042 | 0.52% | 944,842 | 0.53% | |
Other Influential Shareholdings | |||||
OTHERS | 0.00% | 0.00% | |||
Total Other Influential Shareholdings | 0 | 0.00% | 0 | 0.00% | |
Free Float in Units and Percentage | 58,113,685 | 32.61% | 58,093,885 | 32.60% | |
Free Float in Value | ₦ 6,276,277,980.00 | ₦ 2,805,934,645.50 | |||