Flour Mills of Nigeria

Key Performance Metrics

  • The review of Net Profit Margin witnessed a surging trend. The Net Profit Margin improved from 5.22% in 2019 to 1.54% in 2023.
  • 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 1.65times in the current year- compared to 2019 when it was 1.01 times.
  • The Asset turnover stood at 1.53 times in 2023 from 1.16 in 2018, implying a good 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 6.7% between 2019 and 2020 and increased by 33.2% between 2020 and 2021. There also occurred an increase of 12% between 2022 and 2023 (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 1.03:1/0.54:1 to 1.1:1/0.75:1 on the last year. Which implies that the company still doesn’t have 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 2.96% in the current year.


Source: Flour Mill Nigeria Annual Report

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