NORTHERN NIGERIA FLOUR MILLS PLC
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED |
DECEMBER 31ST 2025 |
NORTHERN NIGERIA FLOUR MILLS PLC - KANO UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2025 | |||
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | |||
Nine Months Nine Months Three Months Ended Ended Ended 31-12-25 31-12-24 31-12-25 Note N'000 N'000 N'000 Revenue 18,368,110 29,555,650 4,334,965 Cost of sales 1 (17,034,543) (25,729,097) (4,093,153) Gross profit/(Loss) 1,333,567 3,826,553 241,812 Other Operating Income 2 139,263 1,641,186 (254,100) Selling and distribution expenses 3 (260,797) (334,844) (11,786) Administrative expenses 4 (1,127,916) (1,014,162) (385,585) Operating profit/(Loss) 84,116 4,118,733 (409,660) Investment income 6,987 6,977 5,803 Finance cost 5 (234,704) (13,844) (181,010) (143,601) 4,111,866 (584,868) Profit/(Loss) before tax (143,601) 4,111,866 (584,868) Tax expense (853) - (853) Profit/(Loss) after tax (144,453) 4,111,866 (585,721) Profit/(Loss) attributable to: Owners of the Company (144,453) 4,111,866 (585,721) Earnings per Share - Basic (Kobo) (81) 2,307 (329) | Three Months Ended 31-12-24 N'000 8,468,361 (6,757,799) | ||
1,710,562 1,106,737 (144,902) (366,305) | |||
2,306,092 3,349 (19) | |||
2,309,421 2,309,421 - | |||
2,309,421 | |||
2,309,421 | |||
1,296 | |||
Mr. Adrian Naidoo Mr. Emmanuel Akajagbon Managing Director Chief Financial Officer FRC/2023/POR/DIR/071/023658 FRC/2025/PRO/ICAN/001/476868 January 20th, 2026 Explanatory Notes: Management is actively implementing measures to move the business from a loss position to profitability | |||
NORTHERN NIGERIA FLOUR MILLS PLC - KANO UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2025 | ||||
STATEMENT OF FINANCIAL POSITION | ||||
31ST DECEMBER 2025 | ||||
31-Dec-25 | 31-Dec-24 | 31-Mar-25 | ||
Note | N'000 | N'000 | N'000 | |
Non-current assets | ||||
Property, plant and equipment | 6,966,934 | 7,274,796 | 7,182,526 | |
Deffered tax assets | - | - | 80,731.00 | |
Prepayments/Investments in associates | 94,098 | 67,822 | - | |
Total non-current assets | 7,061,032 | 7,342,618 | 7,263,257 | |
Current assets | ||||
Inventories | 6 | 20,752,198 | 16,463,938 | 20,456,786 |
Trade receivables | 7a | 476,634 | 725,879 | 1,005,724 |
Other receivables | 7c | 52,698 | 17,507 | |
Prepayments | 7b | 42,735 | 33,316 | 943,004 |
Due from related companies | 7c | 1,890,552 | 1,403,310 | - |
Cash and deposits | 1,692,420 | 1,038,047 | 880,166 | |
Total current assets | 24,907,237 | 19,681,998 | 23,285,680 | |
Total assets | 31,968,269 | 27,024,617 | 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 | 4,259,602 | 6,822,966 | 4,468,688 | |
Total equity | 9,484,280 | 12,047,644 | 9,693,366 | |
Non-current liabilities | ||||
Borrowings | 8 | - | - | |
Retirement benefit obligation | 10 | 244,927 | 229,647 | 258,666 |
Long service award | 11 | 73,228 | 29,995 | |
Deferred Revenue | 15a | - | - | - |
Deferred tax(asset)/Liability | 9 | 754,152 | 881,747 | 754,151 |
Total non-current liabities | 1,072,307 | 1,141,390 | 1,012,817 | |
Current liabilities | ||||
Borrowings | 8 | 0 | 0 | - |
Trade payables | 12 | (131,333) | 12,878,759 | 18,120,983 |
Other payables | 13 & 15 | 20,773,789 | 38,037 | 47,152 |
Current tax payable | 13a | - | - | 1,257,280 |
Customer deposits | 14 | 769,226 | 918,786 | 417,339 |
Total current liabilities | 21,411,682 | 13,835,583 | 19,842,754 | |
Total liabilities | 22,483,989 | 14,976,973 | 20,855,571 | |
Total equity and liabilities | 31,968,269 | 27,024,617 | 30,548,937 | |
Mr. Adrian Naidoo Managing Director FRC/2023/POR/DIR/071/023658 | Mr. Emmanuel Akajagbon Chief Financial Officer FRC/2025/PRO/ICAN/001/476868 | |||
Northern Nigeria Flour Mills Plc | ||
Unaudited Statement of Cash Flows Q3 December 2025 | ||
31-12-2025 N'000 | 31-Mar-25 N '000 | |
Cash flows from operating activities | ||
(Loss)/profit before taxation | (143,601) | 1,745,076 |
Depreciation of property, plant and equipment | 209,375 | 271,644 |
Profit on sale of assets | - | (12,055) |
Interest income | (1,263) | (660) |
Finance costs | 234,704 | 13,851 |
Provision for retirement benefit | (13,739) | 30,874 |
(Credit)/provision for long service award | 73,228 | 12,460 |
Write-off of property, plant and equipment | - | 7,798 |
Foreign exchange Difference | - | - |
Minimum tax | - | 1,141,985 |
Changes in working capital: | ||
Inventories | (295,412) | (14,201,771) |
Trade and other receivables | (1,414,160) | 41,049 |
Prepayments | 900,269 | (833,511) |
Investment | (13,367) | (19,296) |
Trade and other payables | 2,466,734 | 11,380,224 |
Deferred income | 1 | (3,266) |
Customer deposits | 351,887 | (819,087) |
Dividend payable | 7,587 | - |
2,362,244 | (1,244,685) | |
Tax paid | (1,257,280) | (679,104) |
Value added tax paid | - | - |
Retirement benefit paid | - | (53,638) |
Long service award benefit paid | - | (4,179) |
Net cash used in operating activities | 1,104,964 | (1,981,606) |
Cash flows from investing activities | ||
Purchase of property, plant and equipment | 6,217 | (1,581) |
Sale of property, plant and equipment | - | - |
Interest income received | 1,263 | 12,715 |
Net cash used in investing activities | 7,480 | 11,134 |
Cash flows from financing activities | ||
Proceeds from borrowings | - | - |
Repayment of borrowings | 0 | (54,593) |
Finance costs/Dividend paid | (300,189) | (86,113) |
Net cash generated from financing activities | (300,189) | (140,706) |
Net cash inflow/(Outflow) for the year | 812,254 | (2,111,178) |
Foreign exchange Difference | ||
Cash and cash equivalents at the beginning of the year | 880,166 | 2,991,344 |
Total cash and cash equivalents at end of year | 1,692,420 | 880,166 |
NORTHERN NIGERIA FLOUR MILLS PLC STATEMENT OF CHANGES IN EQUITY
Q3 UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2025
Equity attributable to equity holders of the Company | |||||
Share Capital | Share premium | Revaluation reserve | 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 | 4,468,688 | 9,693,366 |
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 | 8,438,593 | 13,663,271 |
Balance at 1 April 2025 | 89,100 | 89,521 | 5,046,057 | 4,468,688 | 9,693,366 |
- | |||||
Transfer from total comprehensive income for the period | (42,183) | (42,183) | |||
Dividend Paid | (44,550) | (44,550) | |||
Balance at 31st December 2025 | 89,100 | 89,521 | 5,046,057 | 4,259,602 | 9,484,280 |
NORTHERN NIGERIA FLOUR MILLS PLC PROPERTY PLANT AND EQUIPMENT Q3 UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2025 | ||||||||
Land Residential | Building Residential | Plant & machinery | Furniture | Wheat Truck | Motor Vehicle | CAPILALIZED 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 | 57,137 | 10,080,528 |
Additions | ||||||||
Transfer | ||||||||
December 31, 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 | 53,741 | 2,898,001 | |
- | ||||||||
Charge for the period | - | 7,140 | 181,546 | 8,571 | 14,640 | 3,696 | 215,593 | |
- | ||||||||
- | ||||||||
December 31, 2025 | - | 86,082 | 2,462,920 | 182,884 | 324,272 | 57,436 | - | 3,113,594 |
Net Book Value | ||||||||
December 31, 2025 | 5,628,000 | 365,568 | 875,834 | 16,675 | 20,859 | 2,860 | 57,137 | 6,966,934 |
s
sNORTHERN NIGERIA FLOUR MILLS PLC - KANO |
NOTES TO THE UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2025 |
NOTES: | 31-Dec-25 | 31-Dec-24 | ||
1 | COST OF SALES | N'000 | N'000 | |
Material costs | 15,664,386 | 24,098,452 | ||
Depreciation | 200,294 | 194,015 | ||
Direct staff costs | 188,427 | 265,216 | ||
Other expenses | 148,401 | 104,719 | ||
Rent & rates | 1,169 | 26,537 | ||
Insurance | 32,414 | 27,773 | ||
Petrol, gas & oil | 644,250 | 823,061 | ||
Repairs and maintenance | 155,202 | 189,323 | ||
17,034,543 | 25,729,097 | |||
2 | OTHER GAINS & LOSSES | |||
Management fees | - | - | ||
Rent income | - | 3,825 | ||
Insurance claims/Provision no longer required | - | - | ||
Income on government grant | - | 3,267 | ||
Intragroup (Subsidy income, expenses, Technical fee, service provided) | (19,221) | (8) | ||
Sundry income | 158,803 | 1,632,647 | ||
Profit / Loss on disposal of assets | - | - | ||
Exchange gain/loss | - | - | ||
Wheat handling charges | (320) | 1,456 | ||
139,263 | 1,641,186 | |||
3 | SELLING & DISTRIBUTION EXPENSES | |||
Employee cost | 62,884 | 19,911 | ||
Advertisement | 158,137 | 95,063 | ||
Selling expenses | 39,777 | 219,870 | ||
260,797 | 334,844 | |||
4 | ADMINISTRATIVE EXPENSES | |||
Advertising | - | - | ||
Auditors remuneration | 24,741 | 16,705 | ||
Bad debts | - | - | ||
Bank charges | 12,473 | 27,415 | ||
Cleaning | 21 | 409 | ||
Consulting and professional fees | - | 179 | ||
Depreciation, amortisation & impairments | 9,081 | 11,612 | ||
Donations | - | 2,760 | ||
Employee costs | 577,026 | 471,984 | ||
Entertainment | 35,152 | 28,797 | ||
Fines and penalties | 4,500 | 5,863 | ||
IT expenses | 115,507 | 18,482 | ||
Insurance | 7,575 | 3,800 | ||
Magazines, books & periodicals | 4,200 | 1,921 | ||
Medical expenses | 10,387 | 6,258 | ||
Motor vehicle expenses | 106 | (55) | ||
Third party -deductible | 23,127 | 10,978 | ||
Rent & Rate | 6,640 | 4,607 | ||
Petrol & oil | 13,799 | 34,344 | ||
Placement fees | - | - | ||
Postage | 77 | 18 | ||
Printing & stationery | - | - | ||
Repairs & maintenance | 2,487 | 12,244 | ||
Research & development costs | - | - | ||
Secretarial/Registrars Fees & expenses | 29,211 | 25,081 | ||
Security | - | - | ||
Software expenses | - | - | ||
Subscriptions | - | - | ||
Telephone & fax | - | - | ||
Travel -local | 12,724 | 8,309 | ||
Travel -overseas | - | - | ||
Other expenses | 8,113 | 158,988 | ||
Group overhead allocation | 230,968 | 163,463 | ||
Total administration expenses | 1,127,916 | 1,014,162 | ||
5 | ||||
FINANCE COSTS | ||||
Interest on Long Term Loans (BOI & CBN-RSSF) | (234,704) | 13,844 | ||
Interest on Intragroup Loans | - | |||
(234,704) | 13,844 |
NOTES TO THE UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2025
OTES: | 31-Dec-25 | 31-Dec-24 | ||
6 | INVENTORIES | N'000 | N'000 | |
Raw materials | 17,730,485 | 14,681,607 | ||
Packaging materials (consumable) | 357,223 | 353,849 | ||
Work in Progress | 517,109 | 99,209 | ||
Finished goods | 1,687,479 | 759,946 | ||
Consumables | 14,141 | 10,544 | ||
Spare parts (consumable) | 106,591 | 94,014 | ||
Sundry stocks(consumable) | 112,308 | 208,043 | ||
Provision for obsolete stock | 209,076 | (0) | ||
20,734,413 | 16,207,212 | |||
Goods - in - transit (consumable) | 17,786 | 256,727 | ||
20,752,198 | 16,463,938 | |||
7a | TRADE AND OTHER RECEIVABLES | |||
TRADE RECEIVABLES | ||||
Trade Debtors | 504,705 | 792,286 | ||
Provision for bad debts | (28,071) | (66,407) | ||
476,634 | 725,879 | |||
7b | Prepayments | |||
Prepayments | 42,735 | 33,316 | ||
7c | OTHER RECEIVABLES | |||
7ci | Staff debtors | 35,933 | 7,078 | |
7ci | Provision for doubtful Staff loan | (3,213) | (3,213) | |
Insurance claims | - | - | ||
Withholding tax receivable | 7,015 | 1,039 | ||
Other debtors | (0) | (0) | ||
Provision for other receivables | 12,964 | 12,604 | ||
Intercompany receivables | - | - | ||
Provision Intercompany receivables | 1,890,552 | 1,403,310 | ||
1,943,250 | 1,420,818 | |||
8 | LONG TERM BORROWINGS | |||
Long term loans (BOI) | - | |||
Short Term Loans (BOI) | 0 | |||
0 | ||||
9 | DEFERRED TAX | |||
At 1st April | 754,152 | 762,672 | ||
Transfers durng the period | - | - | ||
Charge for the period/year | - | - | ||
At the end of the period | 754,152 | 762,672 | ||
10 | RETIREMENT BENEFIT OBLIGATION | |||
At 1st April | 180,285 | 165,005 | ||
Service cost | ||||
Interest cost | ||||
Acturial gains and losses | 64,642 | 64,642 | ||
Intercompany transfers | ||||
Benefits paid | ||||
At the end of the period | 244,927 | 229,647 | ||
11 | LONG SERVICE AWARD | |||
At 1 April | 66,918 | 33,305 | ||
Service cost | ||||
Interest cost | ||||
Benefits paid | (6,310) | (3,310) | ||
Actuarial (gains)/loss -change in assumption | ||||
Actuarial (gains)/loss -experience | ||||
73,228 | 29,995 | |||
12 | CREDITORS AND ACCRUALS | |||
Trade Creditors - Local | (131,333) | 544,195 | ||
Trade Creditors - O/Seas L/C Deposit | ||||
(131,333) | 544,195 | |||
13 | OTHERS: | |||
Provisions & Accruals | 1,667,781 | 584,061 | ||
Intercompany payables | 17,747,671 | 11,633,608 | ||
13a | Value added Tax | (1,038) | (2,670) | |
Withholding tax & CIT | 36,011 | 13,791 | ||
Sundry Accounts | 1,268,625 | 105,774 | ||
Dividends Payable/Unclaimed | 54,739 | 38,037 | ||
20,773,789 | 12,372,602 | |||
13a | Current tax payable | - | - | |
14 | Customer deposits | |||
Advance Payments by Customers | 769,226 | 918,786 | ||
15 | DEFERRED REVENUE (Balance sheet) | |||
Short term -Government Grant | - | 3,898 | ||
15a | Long term | - | - | |
Shareholding Structure/Free Float Status | ||||
Description | 31-Dec-25 | 31-Dec-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% | 208,563 | 0.12% |
ALHAJI OLALEKAN SALIU | 97,881 | 0.05% | 97,881 | 0.05% |
Total Directors' Shareholdings | 925,042 | 0.52% | 916,042 | 0.51% |
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% | 58,122,685 | 32.62% |
Free Float in Value | ₦ 4,898,983,645.50 | ₦ 4,754,435,633.00 | ||