NORTHERN NIGERIA FLOUR MILLS PLC - KANO
Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2024 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Note | |
Revenue | |
Cost of sales | 1 |
Gross profit/(Loss) | |
Other Operating Income | 2 |
Selling and distribution expenses | 3 |
Administrative expenses | 4 |
Operating profit/(Loss) | |
Investment income | |
Finance cost | 5 |
Profit/(Loss) before tax
Tax expense
Three | ||||||
Six Months | Six Months | Three Months | Months | |||
Ended | Ended | Ended | Ended | |||
30-09-24 | 30-09-23 | 30-09-24 | 30-09-23 | |||
N'000 | N'000 | N'000 | N'000 | |||
21,087,289 | 13,139,679 | 12,135,163 | 7,028,276 | |||
(18,971,298) | (11,556,655) | (10,776,205) | (6,068,409) | |||
2,115,991 | 1,583,024 | 1,358,959 | 959,867 | |||
534,449 | 17,367 | 510,670 | 8,888 | |||
(189,942) | (178,642) | (27,046) | (171,552) | |||
(647,856) | (441,258) | (391,283) | (257,714) | |||
1,812,642 | 980,491 | 1,451,299 | 539,489 | |||
3,628 | 264 | 3,461 | 115 | |||
(13,825) | (15,074) | (23) | (6,661) | |||
1,802,445 | 965,682 | 1,454,738 | 532,944 | |||
1,802,445 | 965,682 | 1,454,738 | 532,944 |
Profit/(Loss) after tax | 1,802,445 | 965,682 | 1,454,738 | 532,944 |
Profit/(Loss) attributable to: | ||||
Owners of the Company | 1,802,445 | 965,682 | 1,454,738 | 532,944 |
Earnings per Share - Basic (Kobo) | 1,011 | 542 | 816 | 299 |
MR ADRIAN NAIDOO | EMMANUEL N ODIGIE |
Managing Director | Chief Financial Officer |
FRC/2023/POR/DIR/071/023658 | FRC/2013/ICAN/00000004286 |
October 28th, 2024
Explanatory Notes:
Management has been able to maintain the profit making strides of the Company up to the second quarter of the year with increased turnover and revenues. This trend is expected to continue within the rest of the year.
NORTHERN NIGERIA FLOUR MILLS PLC
Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2024
STATEMENT OF FINANCIAL POSITION
30-Sep-24 | 30-Sep-23 | 31-Mar-24 | ||||
Note | N'000 | N'000 | N'000 | |||
Non-current assets | ||||||
Property, plant and equipment | 7,334,699 | 7,489,049 | 7,566,959 | |||
Deffered tax assets | ||||||
Prepayments/Investments in associates | 64,667 | 49,853 | 49,853 | |||
Total non-current assets | 7,399,366 | 7,538,902 | 7,616,812 | |||
Current assets | ||||||
Inventories | 6 | 3,779,315 | 3,088,605 | 7,645,092 | ||
Trade receivables | 7a | 485,363 | 598,385 | 668,456 | ||
Other receivables | 7c | 24,991 | 29,731 | 133,787 | ||
Prepayments | 7b | 48,056 | 887,921 | 1,525 | ||
Due from related companies | 7c | 1,857,831 | 568,786 | - | ||
Cash and deposits | 2,387,505 | 2,075,164 | 1,762,162 | |||
Total current assets | 8,583,061 | 7,248,591 | 10,211,022 | |||
Total assets | 15,982,428 | 14,787,493 | 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 | 4,602,645 | 2,238,636 | 1,354,889 | |||
Total equity | 9,827,323 | 7,463,315 | 6,579,567 | |||
Non-current liabilities | ||||||
Borrowings | 8 | - | - | 49,219 | ||
Retirement benefit obligation | 10 | 220,778 | 246,291 | 199,916 | ||
Long service award | 11 | 37,916 | 44,434 | 39,857 | ||
Deferred Revenue | 15 | - | - | 616 | ||
Deferred tax (asset)/Liability | 9 | 881,747 | 762,672 | 762,672 | ||
Total non-current liabities | 1,140,442 | 1,053,397 | 1,052,280 | |||
Current liabilities | ||||||
Borrowings | 8 | 0 | 131,122 | 164,787 | ||
Trade payables | 12,13 & 15 | 3,382,647 | 5,570,947 | 9,813,216 | ||
Dividend payables | 13 | 127,255 | 28,758 | 37,070 | ||
Current tax payable | 13 | - | 7,923 | 95,338 | ||
Customer deposits | 14 | 1,504,761 | 532,033 | 85,576 | ||
Total current liabilities | 5,014,663 | 6,270,782 | 10,195,987 | |||
Total liabilities | 6,155,105 | 7,324,178 | 11,248,267 | |||
Total equity and liabilities | 15,982,428 | 14,787,493 | 17,827,834 | ||
NORTHERN NIGERIA FLOUR MILLS PLC
STATEMENT OF CHANGES IN EQUITY
Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2024
Equity attributable to equity holders of the Company | ||||||
Share Capital | Share premium | Revaluation | Retained | Total Equity | ||
reserve | Earnings | |||||
N'000 | N'000 | N'000 | N'000 | N'000 | ||
Balance As At 1 April 2023 | 89100 | 89521 | 5046057 | 1354889 | 6579567 | |
0 | ||||||
Transfer from total comprehensive income for the period | 946117 | 946117 | ||||
Dividend Paid | -62370 | -62370 | ||||
Balance As At 30th September 2023 | 89100 | 89521 | 5046057 | 2238636 | 7463314 | |
Balance As At 1 April 2024 | 89100 | 89521 | 5046057 | 1354889 | 6579567 | |
0 | ||||||
Transfer from total comprehensive income for the period | 3336856 | 3336856 | ||||
Dividend Paid | -89100 | -89100 | ||||
Balance As At 30th September 2024 | 89100 | 89521 | 5046057 | 4602645 | 9827323 | |
Northern Nigeria Flour Mills Plc
Q2 Unaudited Statement of Cash Flows September 2024
30-09-2024 | 31-Mar-24 | ||
N'000 | N '000 | ||
Cash flows from operating activities | |||
(Loss)/profit before taxation | 1,802,445 | 2,306,659 | |
Adjustments for: | |||
Depreciation of property, plant and equipment | 138,025 | 302,400 | |
Profit on sale of assets | - | ||
Interest income | -396 | -7,580 | |
Finance costs | 13,825 | 24,115 | |
Provision for retirement benefit | 55,773 | 13,270 | |
(Credit)/provision for long service award | 4,611 | 41,187 | |
Write-off of property, plant and equipment | - | 3,575 | |
Gain on foreign exchange transactions | - | ||
Minimum tax | - | - | |
Changes in working capital: | - | ||
Inventories | 2,475,700 | 1,390,077 | |
Trade and other receivables | -1,215,030 | -385,088 | |
Prepayments | -44,945 | 25,818 | |
Investment | -3,232 | -11,582 | |
Trade and other payables | -3,372,728 | -3,062,946 | |
Deferred income | 1 | -5,372 | |
Customer deposits | 268,335 | 1,150,850 | |
Dividend payable | 84,817 | - | |
207,201 | 1,785,383 | ||
Tax paid | -686,676 | -80,645 | |
Prepayments | - | - | |
Retirement benefit paid | - | -21,080 | |
Long service award benefit paid | - | -18,025 | |
Net cash used in operating activities | -479,475 | 1,665,633 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | -12,338 | -199,402 | |
Liquidation Of investment | - | - | |
Interest income received | 396 | 1,716 | |
Net cash used in investing activities | -11,942 | -197,686 | |
Cash flows from financing activities | |||
Proceeds from borrowings | - | ||
Repayment of borrowings | -45,736 | -175,924 | |
Dividend/ Finance costs paid | -66,686 | -62,841 | |
Net cash generated from financing activities | -112,422 | -238,765 | |
Net cash inflow/(Outflow) for the year | -603,839 | 1,229,182 | |
Cash and cash equivalents at the beginning of the year | 2,991,344 | 1,762,162 |
Total cash and cash equivalents at end of September 2024 | 2,387,505 | 2,991,344 | |
NORTHERN NIGERIA FLOUR MILLS PLC - KANO
Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2024
PROPERTY PLANT AND EQUIPMENT
Land Residential | Building Residential | Plant & machinery | Furniture | Wheat Truck | Motor Vehicle | CAPILALIZED | Capital WIP | TOTAL | |
SPARES | |||||||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
April 1, 2024 | 5,628,000 | 351,692 | 3,328,894 | 190,664 | 345,131 | 60,296 | 64,935 | 117,132 | 10,086,744 |
Additions | 2,650 | 13,819 | 16,469 | ||||||
- | |||||||||
Transfer | - | (1,421) | (2,650) | (4,071) | |||||
- | |||||||||
- | |||||||||
September 30, 2024 | 5,628,000 | 351,692 | 3,328,894 | 193,314 | 345,131 | 60,296 | 63,514 | 128,301 | 10,099,142 |
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 | - | 6,808 | 115,329 | 4,894 | 8,099 | 2,956 | 138,086 | ||
- | |||||||||
September 30, 2024 | - | 72,010 | 2,171,280 | 168,760 | 300,880 | 51,512 | - | - | 2,764,443 |
DEPRECIATION: | |||||||||
September 30, 2024 | 5,628,000 | 279,682 | 1,157,614 | 24,553 | 44,251 | 8,784 | 63,514 | 128,301 | 7,334,699 |
NORTHERN NIGERIA FLOUR MILLS PLC - KANO
Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2024 | |||||
NOTES: | 30-Sep-24 | 30-Sep-23 | |||
1 | COST OF SALES | N'000 | N'000 | ||
Material costs | 18,659,009 | 10,830,613 | |||
Depreciation | 130,876 | 148,458 | |||
Direct staff costs | (607,972) | 152,452 | |||
Other expenses | 66,858 | 17,202 | |||
Rent & rates | 47,536 | (22,536) | |||
Insurance | - | 16,813 | |||
Petrol, gas & oil | 605,083 | 331,292 | |||
Repairs and maintenance | 69,908 | 82,362 | |||
18,971,298 | 11,556,655 | ||||
2 | OTHER GAINS & LOSSES | N'000 | N'000 | ||
Management fees | - | - | |||
Rent income | 2,650 | 2,758.33 | |||
Insurance claims/Provision no longer required | - | - | |||
Income on government grant | 3,267 | 3,638.22 | |||
Intragroup (Subsidy income, expenses, Technical fee, service provided) | - | - | |||
Sundry income | 526,860 | 9,812.76 | |||
OTHER GAINS & LOSSES | - | - | |||
Exchange gain/loss | - | - | |||
Wheat handling charges | 1,672 | 1,157.92 | |||
534,449 | 17,367 | ||||
3 | SELLING & DISTRIBUTION EXPENSES | ||||
N'000 | N'000 | ||||
Employee cost | 13,771 | 15,345 | |||
Advertisement | 56,891 | 27,926 | |||
Selling expenses | 119,281 | 135,371 | |||
189,942 | 178,642 | ||||
4 | ADMINISTRATIVE EXPENSES | ||||
N'000 | N'000 | ||||
Advertising | - | - | |||
Auditors remuneration | 10,378 | 10,596 | |||
Bad debts | - | - | |||
Bank charges | 18,842 | 9,870 | |||
Cleaning | 409 | 5,503 | |||
Consulting and professional fees | 179 | - | |||
Depreciation, amortisation & impairments | 7,602 | 11,282 | |||
Donations | 2,060 | 1,015 | |||
Employee costs | 285,669 | 199,037 | |||
Entertainment | 20,842 | 5,717 | |||
Fines and penalties | 4,363 | 15,347 | |||
IT expenses | 4,532 | 30,225 |
Insurance | 2,534 | 1,222 | ||||
Magazines, books & periodicals | 1,124 | 1,843 | ||||
Medical expenses | 3,396 | 1,932 | ||||
Motor vehicle expenses | (55) | - | ||||
Third party -deductible | 6,961 | (381) | ||||
Rent & Rate | 80 | 3094.76649 | ||||
Petrol & oil | 20,420 | 27,957 | ||||
Placement fees | - | 0 | ||||
Postage | - | 58 | ||||
Printing & stationery | - | - | ||||
Repairs & maintenance | 11,998 | 12,591 | ||||
Research & development costs | - | - | ||||
Secretarial expenses | 34,063 | 24,179 | ||||
Security | - | - | ||||
Software expenses | - | - | ||||
Subscriptions | - | - | ||||
Telephone & fax | - | - | ||||
Travel -local | 5,679 | 2,732 | ||||
Travel -overseas | - | - | ||||
Other expenses | 97,805 | 37,325 | ||||
Group overhead allocation | 108,975 | 40,111 | ||||
Total administration expenses | 647,856 | 441,258 | ||||
5 | ||||||
FINANCE COSTS | N'000 | N'000 | ||||
Interest on Long Term Loans (BOI) | (13,825) | (15,074) | ||||
- | - | |||||
- | - | |||||
(13,825) | (15,074) | |||||
NOTES: | 30-Sep-24 | 30-Sep-23 | ||||
6 | INVENTORIES | N'000 | N'000 | |||
Raw materials | 2,018,622 | 2,264,565 | ||||
Packaging materials (consumable) | 267,217 | 264,538 | ||||
Work in Progress | 137,193 | 160,433 | ||||
Finished goods | 537,183 | 164,454 | ||||
Consumables | 14,566 | 4,872 | ||||
Spare parts (consumable) | 98,443 | 89,082 | ||||
Sundry stocks(consumable) | 278,406 | 140,590 | ||||
Provision for obsolete stock | (0) | 72 | ||||
3,351,630 | 3,088,605 | |||||
Goods - in - transit (consumable) | 427,684.96 | - | ||||
3,779,315 | 3,088,605 | |||||
7a | TRADE AND OTHER RECEIVABLES | N'000 | N'000 | |||
TRADE RECEIVABLES | ||||||
Trade Debtors | 518,522 | 656,514 | ||||
Provision for bad debts | (33,159) | (58,129) | ||||
485,363 | 598,385 | |||||
7b | Prepayments | N'000 | N'000 | |||
Prepayments | - | 887,921 | ||||
- | 887,921 |
7c OTHER RECEIVABLES | ||
N'000 | N'000 | |
Staff debtors | 14,710 | 17,951 |
Provision for doubtful Staff loan | (3,213) | (1,020) |
Insurance claims | - | - |
Withholding tax receivable | 1,039 | - |
Dividend receivable | (0) | (0) |
Other debtors | 12,455 | 12,800 |
Provision for other receivables | - | - |
Intercompany receivables | 1,857,831 | 568,786 |
Provision Intercompany receivables | - | - |
Investment - (Unclaimed Dividend) | - | - |
Intercompany receivables | - | - |
Unclaimed Dividend Written Back | - | - |
1,882,822 | 598,516 |
8a | LONG TERM BORROWINGS | N'000 | N'000 |
Interest bearing intra group loan | - | - | |
Long term loan (BOI) | - | - | |
- | - | ||
8b | SHORT TERM LOANS | N'000 | N'000 |
Short Term Finance - BOI Loans | - | 131,122 | |
- | 131,122 | ||
9 | DEFERRED TAX | N'000 | N'000 |
At 1st April | 104,825 | 762,672 | |
Transfers durng the period | - | - | |
Charge for the period/year | (104,825) | - | |
At the end of the period | - | 762,672 | |
10 | RETIREMENT BENEFIT OBLIGATION | ||
N'000 | N'000 | ||
At 1st April | 180,687 | 246,291 | |
Service cost | - | - | |
Interest cost | - | - | |
Acturial gains and losses | - | - | |
Intercompany transfers | 40,091.40 | - | |
Benefits paid | - | - | |
At the end of the period | - | - | |
220,778 | 246,291 | ||
11 | LONG SERVICE AWARD | ||
N'000 | N'000 | ||
At 1 April | 40,052 | 44,434 | |
Service cost | 0 | 0 | |
Interest cost | 0 | 0 | |
Benefits paid | (2,136) | - |
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |