Flour Mills of Nigeria Plc – On Course for a Solid Year?

By CardinalStone Research Analysts ________________________________ While a few others are reeling… In our view, Flour Mills of Nigeria Plc (FMN) looks set to record strong traction in operating performance in the current financial year. The company has already surprised market watchers with a 4.3ppts YoY increase in gross margin to 16.5%1 and a c.3.0x surge in operating cash flow to N16.7 billion in the peak of COVID-19 restrictions (April to June or Q1’20/21). While panic buying/stockpiling (one-off support for top-line growth in Q1’20/21, by our assessment) has stopped, lingering border…

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