Northern Nigeria Flour Mills PlcNSENG: NNFM

N nig. flour mills plc.- quarter 2 - financial statement for 2026

Oct 29, 2025 at 7:00 PM UTC · Issued by Northern Nigeria Flour Mills Plc

UNAUDTTED RESULTS FOR THE PERIOD ENDED

September 30'', 2025

Incompliance with the Security and Exchange Commission (SEC) Rule relating to the Security Trading Frarrx'vzork of the Nigerian Capital Market, the Company has developed Security Trading Policy to monitor security trading withTn the purview of the Framework which is before the board for approval. The framework as established by NNFM does not permit insider trading where interested persons are not allowed to trade (buy or sell) in the shares of Northern Nigeria Mills Pin wi£fyira OTaHkeL aHd uH£iT Lfie CuirigaHy's uHaudiLed Fiis£ Quarter Financial Statements have been released by the Nigerian stock Exchange to the public Tn the event of any of such trade (buy/sell), this is requirecl to be promptly communicated to the Company Secretary for appropriate disclosure to the Nigerian Stock Exchange as required by the Rules of the Stcck Exchange.

NORTHERN NIGERIA FLOUR MILLS PLC - KANO

Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2025

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Six Months Ended

Three Months Ended

30-09-25

30-09-24

30-09-25

30-09-24

Note

N'000

Revenue

14,033,145

21,087,289

7,213,573

12,135,163

Cost of sales

(12,930,087)

(18,971,298)

(7,386,037)

(10,776,205)

Gross profit/(Loss)

1,103,059

2,115,991

(172,464)

1,358,959

Other Operating Income

430,727

534,449

428,783

510,670

Selling and distribution expenses

(249,011)

(189,942)

411,842

(27,046)

Administrative expenses

(733,277)

(647,856)

(411,592)

(391,283)

Operating profit/(Loss)

551,498

1,812,642

256,569

1,451,299

Investment income

1,185

3,628

535

3,461

Finance cost

(11)

(13,825)

(23)

552,672

1,802,445

257,105

1,454,738

Profit/(Loss) before tax

552,672

1,802,445

257,105

1,454,738

Tax expense

Profit/(Loss) after tax

552,672

1,802,445

257,105

1,454,738

Profit/(Loss) attributable to:

Owners of the Company

552,672

1,802,445

257,105

1,454,738

Earnings per Share - Basic (Kobo)

310

1,011

144

816

MR ADRIAN NAIDOO

EMMANUEL N ODIGIE

Managing Director

Chief Financial Officer

FRC/2023/POR/DIR/071/023658

FRC/2013/ICAN/00000004286

October 30th, 2025

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 2025

STATEMENT OF FINANCIAL POSITION

30-Sep-25

30-Sep-24

31-Mar-25

Note

N'000

Non-current assets

Property, plant and equipment

7,034,723

7,334,699

7,182,526

Deffered tax assets

80,731

Prepayments/Investments in associates

80,730

64,667

Total non-current assets

7,115,453

7,399,366

7,263,257

Current assets

Inventories

21,302,200

3,779,315

20,456,786

Trade receivables

190,972

485,363

1,005,724

Other receivables

45,014

24,991

Prepayments

26,998

48,056

943,004

Due from related companies

1,386,307

1,857,831

Cash and deposits

727,232

2,387,505

880,166

Total current assets

23,678,723

8,583,061

23,285,680

Total assets

30,794,176

15,982,428

30,548,937

Equity

Share capital

89,100

Share premium account

89,521

Fixed Assets Revaluation Reserve

5,046,057

Retained Earnings

4,961,181

4,602,645

4,468,688

Total equity

10,185,859

9,827,323

9,693,366

Non-current liabilities

Borrowings

Retirement benefit obligation

234,752

220,778

258,666

Long service award

70,266

37,916

Deferred Revenue

Deferred tax (asset)/Liability

754,152

881,747

754,151

Total non-current liabities

1,059,170

1,140,442

1,012,817

Current liabilities

Borrowings

Trade payables

12,13 & 15

18,992,378

3,382,647

18,120,983

Dividend payables

47,154

127,255

47,152

Current tax payable

(853)

1,257,280

Customer deposits

510,468

1,504,761

417,339

Total current liabilities

19,549,147

5,014,663

19,842,754

Total liabilities

20,608,318

6,155,105

20,855,571

Total equity and liabilities

30,794,176

15,982,428

30,548,937

NORTHERN NIGERIA FLOUR MILLS PLC

STATEMENT OF CHANGES IN EQUITY

Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2025

Equity attributable to equity holders of the Company

Share Capital

Share premium

Revaluation

reserve

Retained

Earnings

Total Equity

N'000

Balance As At 1 April 2024

89100

89521

5046057

2,853,061

8077739

Transfer from total comprehensive income for the period

1838684

Dividend Paid

-89100

Balance As At 30th September 2024

89100

89521

5046057

4602645

9827323

Balance As At 1 April 2025

89100

89521

5046057

4468688

9693366

Transfer from total comprehensive income for the period

537043

Dividend Paid

-44550

Balance As At 30th September 2024

89100

89521

5046057

4961181

10185859

Northern Nigeria Flour Mills Plc

Q2 Unaudited Statement of Cash Flows September 2025

30-09-2025

N'000

31-Mar-25 N '000

Cash flows from operating activities

(Loss)/profit before taxation

552672

1,745,076

Adjustments for:

Depreciation of property, plant and equipment

141720

271,644

Investment Income OnInvestment

-12,055

Interest income

-1185

-660

Finance costs

13,851

Provision for retirement benefit

-23914

30,874

(Credit)/provision for long service award

70266

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

-845414

-14,201,771

Trade and other receivables

-616569

41,049

Prepayments

916006

-833,511

Investment

-19,296

Trade and other payables

871395

11,380,224

Deferred income

-3,266

Customer deposits

93129

-819,087

Dividend payable

1,158,121

-1,244,685

Tax paid

-1258133

-679,104

Prepayments

Retirement benefit paid

-53,638

Long service award benefit paid

-4,179

Net cash used in operating activities

-100,012

-1,981,606

Cash flows from investing activities

Purchase of property, plant and equipment

6083

-1,581

Liquidation Of investment

Interest income received

1185

12,715

Net cash used in investing activities

7,268

11,134

Cash flows from financing activities

Proceeds from borrowings

Repayment of borrowings

-54,593

Dividend/ Finance costs paid

-60190

-86,113

Net cash generated from financing activities

-60,190

-140,706

Net cash inflow/(Outflow) for the year

-152,934

-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 September 2024

727,232

880,166

NORTHERN NIGERIA FLOUR MILLS PLC - KANO

Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2025

PROPERTY PLANT AND EQUIPMENT

Land Residential

Building Residential

Plant & machinery

FURNITURE

Wheat Truck

Motor Vehicle

Capitalised

Spares

TOTAL

N'000

April 1, 2025

5,628,000

451,650

3,338,754

199,559

345,131

60,296

57,137

10,080,528

Additions

Transfer

Disposals

Adjustments

September 30, 2025

5,628,000

451,650

3,338,754

199,559

345,131

60,296

57,137

10,080,528

DEPRECIATION:

April 1, 2025

78,942

2,281,374

174,313

309,632

53,552

2,897,813

Charge for the period

4,760

125,085

5,862

9,760

2,527

147,993

Adjustment

Eliminated by disposal

Adjustments

September 30, 2025

83,702

2,406,459

180,174

319,392

56,079

3,045,806

Net Book Value

September 30, 2025

5,628,000

367,948

932,295

19,385

25,739

4,217

57,137

7,034,723

NORTHERN NIGERIA FLOUR MILLS PLC - KANO

Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2025

NOTES:

30-Sep-24

COST OF SALES

N'000

Material costs

11,958,844

18,659,009

Depreciation

135,568

130,876

Direct staff costs

93,278

(607,972)

Other expenses

103,016

66,858

Rent & rates

150

47,536

Insurance

21,592

Petrol, gas & oil

492,227

605,083

Repairs and maintenance

125,412

69,908

12,930,087

18,971,298

OTHER GAINS & LOSSES

N'000

Management fees

Rent income

2,650

Insurance claims/Provision no longer required

Income on government grant

3,267

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

Sundry income

430,844

526,860

OTHER GAINS & LOSSES

Exchange gain/loss

Wheat handling charges

(117)

1,672

430,727

534,449

SELLING & DISTRIBUTION EXPENSES

N'000

Employee cost

57,589

13,771

98,335

56,891

Selling expenses

93,087

119,281

249,011

189,942

ADMINISTRATIVE EXPENSES

N'000

Advertising

Auditors remuneration

10,974

10,378

Bad debts

Bank charges

10,303

18,842

Cleaning

409

Consulting and professional fees

179

Depreciation, amortisation & impairments

6,152

7,602

Donations

2,060

Employee costs

347,014

285,669

Entertainment

27,539

20,842

Fines and penalties

6,500

4,363

IT expenses

71,998

4,532

	Insurance	5,500	2,534
	Magazines, books & periodicals	700	1,124
	Medical expenses	8,198	3,396
	Motor vehicle expenses	106	(55)
	Third party -deductible	13,589	6,961
	Rent & Rate	5,640	80
	Petrol & oil	2,636	20,420
	Placement fees	-	-
	Postage	77	-
	Printing & stationery	-	-
	Repairs & maintenance	1,566	11,998
	Research & development costs	-	-
	Secretarial expenses	27,089	34,063
	Security	-	-
	Software expenses	-	-
	Subscriptions	-	-
	Telephone & fax	-	-
	Travel -local	9,504	5,679
	Travel -overseas	-	-
	Other expenses	5,537	97,805
	Group overhead allocation	172,631	108,975
	Total administration expenses	733,277	647,856

5
	FINANCE COSTS	N'000	N'000
	Interest on Long Term Loans (BOI)	(11)	(13,825)
		-	-
		-	-
		(11)	(13,825)
NOTES:		30-Sep-24	30-Sep-24

6	INVENTORIES	N'000	N'000
	Raw materials	18,119,570	2,018,622
	Packaging materials (consumable)	371,440	267,217
	Work in Progress	484,148	137,193
	Finished goods	1,870,641	537,183
	Consumables	14,310	14,566
	Spare parts (consumable)	107,053	98,443
	Sundry stocks(consumable)	148,441	278,406
	Provision for obsolete stock	7,250	(0)
		21,122,853	3,351,630
	Goods - in - transit (consumable)	-	427,684.96
		21,122,853	3,779,315


7a	TRADE AND OTHER RECEIVABLES	N'000	N'000
	TRADE RECEIVABLES
	Trade Debtors	216,915	518,522
	Provision for bad debts	(25,943)	(33,159)
		190,972	485,363

7b	Prepayments	N'000	N'000
	Prepayments	26,998	-

		26,998	-


7c	OTHER RECEIVABLES
		N'000	N'000
	Staff debtors	34,116	14,710
	Provision for doubtful Staff loan	(3,213)	(3,213)
	Insurance claims	-	-
	Withholding tax receivable	1,147	1,039
	Dividend receivable	-	(0)
	Other debtors	12,964	12,455
	Provision for other receivables	-	-
	Intercompany receivables	1,386,307	1,857,831
	Provision Intercompany receivables	-	-
	Investment - (Unclaimed Dividend)	-	-
	Intercompany receivables	-	-
	Unclaimed Dividend Written Back	-	-
		1,431,321	1,882,822


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	-	-

		-	-


9	DEFERRED TAX	N'000	N'000
	At 1st April	104,825	104,825
	Transfers durng the period	-	-
	Charge for the period/year	649,327	(104,825)
	At the end of the period	754,152	-


10	RETIREMENT BENEFIT OBLIGATION
		N'000	N'000
	At 1st April	258,666	180,687
	Service cost	-	-
	Interest cost	-	-
	Acturial gains and losses	-	-
	Intercompany transfers	(23,913.62)	40,091.40
	Benefits paid	-	-
	At the end of the period	234,752.38	-
			220,778


11	LONG SERVICE AWARD
		N'000	N'000
	At 1 April	-	40,052
	Service cost	0	0
	Interest cost	0	0
	Benefits paid	70,266	(2,136)

	Actuarial (gains)/loss -change in assumption	-	-
	Actuarial (gains)/loss -experience	70,266	-
			37,916



12	CREDITORS AND ACCRUALS	N'000	N'000
	Trade Creditors - Local	(615,436)	17,766
	Trade Creditors - O/Seas L/C Deposit	-
		(615,436)	0

13	OTHERS:	N'000	N'000
	Provisions & Accruals	1,421,763	1,700,129
	Intercompany payables	16,509,937	1,608,198
	Value added Tax	37,925	6,831
	Withholding tax	6,129	7,037
	Sundry Payable Accounts	1,632,060	42,686
		-	-
		19,607,814	3,364,881
	Current Tax Payable	(853)	-
	Dividend payables/unclaimed Dividend	47154	127255
14	Customer deposits	N'000	N'000
	Advance Payments by Customers	510,468	1,504,761


		N'000	N'000
15	DEFERRED REVENUE (Balance sheet)
	Short term -Government Grant	0	0

	Long term - Government Grant	-	-
The def	erred revenue arises as a result of the benefit received from below-market rate government assisted loans (BOI) loans.
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-Sep-25		30-Sep-24
Description	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	₦ 5,442,346,600.25		₦ 1,853,194,931.50
NNFM Plc with a free float percentage of 32.61% as at 30 September 2025 (2024: 32.60%), is compliant with The Exchange's free float requirements for companies listed on the Main Board. We confirm compliance with the free float requirements as up to twenty percent (20%) of the Issuer's issued share capital is available to the public and held by not less than three hundred (300) shareholders.

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