N nig. flour mills plc. quarter 3 financial statement for 2025

Nine Months

Nine Months

Three Months

Three Months

Ended

Ended

Ended

Ended

31-12-24

31-12-23

31-12-24

31-12-23

Note

N'000

N'000

N'000

N'000

Volumes (MT)

29,534

32,124

7,160

8,579

Revenue

29,555,650

21,828,647

8,468,361

8,688,968

Cost of sales

1

(25,729,097)

(16,449,740)

(6,757,799)

(4,893,084)

Gross profit/(Loss)

3,826,553

5,378,907

1,710,562

3,795,883

Other Operating Income

2

1,641,186

32,252

1,106,737

14,885

Selling and distribution expenses

3

(334,844)

(3,201,279)

(144,902)

(3,022,637)

Administrative expenses

4

(1,014,162)

(638,903)

(366,305)

(197,645)

Operating profit/(Loss)

4,118,733

1,570,978

2,306,092

590,486

Investment income

6,977

4,252

3,349

3,988

Finance cost

5

(13,844)

(19,871)

(19)

(4,797)

4,111,866

1,555,359

2,309,421

589,678

Profit/(Loss) before tax

4,111,866

1,555,359

2,309,421

589,678

Tax expense

-

(6,219)

-

(6,219)

Profit/(Loss) after tax

4,111,866

1,549,140

2,309,421

583,458

Profit/(Loss) attributable to:

Owners of the Company

4,111,866

1,549,140

2,309,421

583,458

Earnings per Share - Basic (Kobo)

2,307

869

1,296

327

Mr. Adrian Naidoo

EMMANUEL N. ODIGIE

Managing Director

Chief Financial Officer

FRC/2023/POR/DIR/071/023658

FRC/2013/ICAN/00000004286

NORTHERN NIGERIA FLOUR MILLS PLC

- KANO

UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2024

STATEMENT OF FINANCIAL POSITION

31ST DECEMBER 2024

31-Dec-24

31-Dec-23

31-Mar-24

Note

N'000

N'000

N'000

Non-current assets

Property, plant and equipment

7,274,796

7,491,421

7,460,386

Deffered tax assets

-

-

-

Prepayments/Investments in associates

67,822

53,393

61,435

Total non-current assets

7,342,618

7,544,814

7,521,821

Current assets

Inventories

6

16,463,938

5,134,262

6,255,015

Trade receivables

7a

725,879

266,049

1,046,773

Other receivables

7c

17,507

70,588

106,382

Prepayments

7b

33,316

70,853

3,111

Due from related companies

7c

1,403,310

-

-

Cash and deposits

1,038,047

3,596,156

2,991,344

Total current assets

19,681,998

9,137,907

10,402,625

Total assets

27,024,617

16,682,721

17,924,446

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

6,822,966

2,828,785

2,853,061

Total equity

12,047,644

8,053,463

8,077,739

Non-current liabilities

Borrowings

8

-

-

-

Retirement benefit obligation

10

229,647

236,394

165,005

Long service award

11

29,995

28,696

33,305

Deferred Revenue

15a

-

-

-

Deferred tax(asset)/Liability

9

881,747

762,672

881,746

Total non-current liabities

1,141,390

1,027,763

1,080,056

Current liabilities

Borrowings

8

0

88,793

45,736

Trade payables

12

12,878,759

6,619,846

6,755,375

Other payables

13 & 15

38,037

3,898

42,438

Current tax payable

13a

-

7,923

686,676

Customer deposits

14

918,786

881,037

1,236,426

Total current liabilities

13,835,583

7,601,495

8,766,651

Total liabilities

14,976,973

8,629,258

9,846,707

Total equity and liabilities

27,024,617

16,682,721

17,924,446

Mr. Adrian Naidoo

EMMANUEL N. ODIGIE

Managing Director

Chief Financial Officer

FRC/2023/POR/DIR/071/023658

FRC/2013/ICAN/00000004286

31-12-2024

31-Mar-24

N'000

N '000

Cash flows from operating activities

(Loss)/profit before taxation

4,111,866

2,306,659

Depreciation of property, plant and equipment

205,627

302,400

Profit on sale of assets

0

Interest income

(590)

(7,580)

Finance costs

13,844

24,115

Provision for retirement benefit

64,642

41,187

(Credit)/provision for long service award

(3,310)

13,270

Write-off of property, plant and equipment

-

3,575

Foreign exchange Difference

-

(2,460)

Minimum tax

-

-

Changes in working capital:

Inventories

(10,208,923)

1,390,077

Trade and other receivables

(993,541)

(385,088)

Prepayments

(30,205)

25,818

Investment

(6,387)

(11,582)

Trade and other payables

6,123,384

(3,062,946)

Deferred income

1

(5,372)

Customer deposits

(317,640)

1,150,850

Dividend payable

(4,401)

-

(1,045,632)

1,782,923

Tax paid

(686,676)

(80,645)

Value added tax paid

-

-

Retirement benefit paid

-

(21,080)

Long service award benefit paid

-

(18,025)

Net cash used in operating activities

(1,732,308)

1,663,173

Cash flows from investing activities

Purchase of property, plant and equipment

(20,037)

(199,402)

Sale of property, plant and equipment

-

-

Interest income received

590

1,716

Net cash used in investing activities

(19,447)

(197,686)

Cash flows from financing activities

Proceeds from borrowings

-

-

Repayment of borrowings

(45,736)

(175,924)

Finance costs/Dividend paid

(155,805)

(62,841)

Net cash generated from financing activities

(201,541)

(238,765)

Net cash inflow/(Outflow) for the year

(1,953,296)

1,226,722

Foreign exchange Difference

2,460

Cash and cash equivalents at the beginning of the year

2,991,344

1,762,162

Total cash and cash equivalents at end of year

1,038,048

2,991,344

NORTHERN NIGERIA FLOUR MILLS PLC -

KANO

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31ST DECEMBER 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 at 1 April 2023

89,100

89,521

5,046,057

1,354,889

6,579,567

Transfer from total comprehensive income for the period

1,536,266

1,536,266

Dividend Paid

(62,370)

(62,370)

Balance at 31st December 2023

89,100

89,521

5,046,057

2,828,785

8,053,463

Balance at 1 April 2024

89,100

89,521

5,046,057

2,853,061

8,077,739

Transfer from total comprehensive income for the period

4,059,005

4,059,005

Dividend Paid

(89,100)

(89,100)

Balance at 31st December 2024

89,100

89,521

5,046,057

6,822,966

12,047,644

Land

Building

Motor

CAPILALIZED

Residential

Residential

Plant & machinery

Vehicle

SPARES

Capital WIP

TOTAL

N'000

N'000

N'000

N'000

N'000

N'000

N'000

s a

April 1, 2024

5,628,000

351,692

3,328,894

60,296

64,935

117,132

10,086,744

Additions

21,576

30,472

-

Transfer

(1,421)

(8,896)

(10,317)

-

s a

December 31, 2024

5,628,000

351,692

3,328,894

60,296

63,514

129,813

10,106,900

DEPRECIATION:

2,993

1,603,974

42,563

April 1, 2024

-

65,202

2,055,951

48,556

2,626,357

Charge for the period

-

10,204

171,162

4,183

205,747

-

-

December 31, 2024

-

75,406

2,227,113

52,740

-

-

2,832,104

Net Book Value

December 31, 2024

5,628,000

276,286

1,101,781

7,556

63,514

129,813

7,274,796

NOTES:

31-Dec-24

31-Dec-23

1

COST OF SALES

N'000

N'000

Material costs

24,098,452

15,368,881

Depreciation

194,015

216,584

Direct staff costs

265,216

221,566

Other expenses

104,719

26,064

Rent & rates

26,537

-

Insurance

27,773

22,203

Petrol, gas & oil

823,061

451,095

Repairs and maintenance

189,323

143,346

25,729,097

16,449,740

2

OTHER GAINS & LOSSES

Management fees

-

-

Rent income

3,825

13,933

Insurance claims/Provision no longer required

-

-

Income on government grant

3,267

4,741

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

(8)

-

Sundry income

1,632,647

11,465

Profit / Loss on disposal of assets

-

-

Exchange gain/loss

-

-

Wheat handling charges

1,456

2,113

1,641,186

32,252

3

SELLING & DISTRIBUTION EXPENSES

Employee cost

19,911

23,232

Advertisement

95,063

2,636

Selling expenses

219,870

3,175,411

334,844

3,201,279

4

ADMINISTRATIVE EXPENSES

Advertising

-

-

Auditors remuneration

16,705

13,395

Bad debts

-

-

Bank charges

27,415

15,097

Cleaning

409

5,779

Consulting and professional fees

179

-

Depreciation, amortisation & impairments

11,612

14,844

Donations

2,760

1,715

Employee costs

471,984

309,321

Entertainment

28,797

11,764

Fines and penalties

5,863

20,815

IT expenses

18,482

44,253

Insurance

3,800

1,832

Magazines, books & periodicals

1,921

3,242

Medical expenses

6,258

3,043

Motor vehicle expenses

(55)

97

Third party -deductible

10,978

2,420

Rent & Rate

4,607

3,295

Petrol & oil

34,344

39,256

Placement fees

-

-

Postage

18

243

Printing & stationery

-

-

Repairs & maintenance

12,244

10,155

Research & development costs

-

-

Secretarial/Registrars Fees & expenses

25,081

19,379

Security

-

-

Software expenses

-

-

Subscriptions

-

-

Telephone & fax

-

-

Travel -local

8,309

4,837

Travel -overseas

-

-

Other expenses

158,988

59,129

Group overhead allocation

163,463

54,992

Total administration expenses

1,014,162

638,903

5

FINANCE COSTS

Interest on Long Term Loans (BOI & CBN-RSSF)

13,844

19,871

Interest on Intragroup Loans

13,844

19,871

NOTES:

31-Dec-24

31-Dec-23

6

INVENTORIES

N'000

N'000

Raw materials

14,681,607

4,033,474

Packaging materials (consumable)

353,849

312,742

Work in Progress

99,209

115,547

Finished goods

759,946

396,798

Consumables

10,544

8,590

Spare parts (consumable)

94,014

89,981

Sundry stocks(consumable)

208,043

165,773

Provision for obsolete stock

(0)

(0)

16,207,212

5,122,905

Goods - in - transit (consumable)

256,727

11,357

16,463,938

5,134,262

7a

TRADE AND OTHER RECEIVABLES

TRADE RECEIVABLES

Trade Debtors

792,286

295,329

Provision for bad debts

(66,407)

(29,280)

725,879

266,049

7b

Prepayments

Prepayments

33,316

(50,536)

7c

OTHER RECEIVABLES

7ci

Staff debtors

7,078

7,996

7ci

Provision for doubtful Staff loan

(3,213)

(3,213)

Insurance claims

-

-

Withholding tax receivable

1,039

58

Other debtors

(0)

18,632

Provision for other receivables

12,604

-

Intercompany receivables

-

168,504

Provision Intercompany receivables

1,403,310

-

1,420,818

191,976

8

LONG TERM BORROWINGS