Flour Mills of Nigeria

Key Performance Metrics

  • The review of Net Profit Margin witnessed a surging trend. The Net Profit Margin improved from 2.62% in 2017 to 3.76% in 2021.
  • The average EBIT Margin for the period under analysis was 5.71%, with 2020 and 2017 performing the worst and best, respectively.
  • In the current year, Flour Mill Nigeria was able to cover its interest liabilities 2.71 times in the current year- compared to 2017 when it was 1.35 times.
  • The Asset turnover stood at 1.54 times in 2021 from 2.18 in 2017, implying a low performance on Assets of the business in relation to revenue.


  • The revenue of Flour Mill Nigeria has increased year on year. The revenue decreased by 1% between 2017 and 2018 and maintained stability between 2018 and 2019. There also occurred an increase of 35.7% between 2020 and 2021 (the current period). 
  • Flour Mill Nigeria’s performance in profitability looks good as the return on equity also recorded good performance during the period of analysis.


  • The company’s result in liquidity looks strong, as current ratio/acid test increased from 1.24:1/0.63:1 to 1.29:1/0.67:1 on the last year. Which implies that the company enough assets to settle its current liabilities.

Capital Structure

  • Flour Mill Nigeria is both equity and debt financed.
  • The debt-to-equity (D/E) ratio has been increasing year on year. The gearing position of the company appears to be high as it stood at 138% in the current year.

Source: Flour Mill Nigeria Annual Report

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