National Flour Mills (NFM) has reported a $7.5 million net-profit-after-tax for the first quarter of this year.
For the three months ended March 31, NFM's total revenue was $141 million as compared to $110 million for that same period in 2022. The profit-before-tax was $8.4 million while the earnings per share stood at $0.64.
In a statement attached with the financial results, NFM chairman Nigel Romano said, 'the company's continued recovery strategy in response to the unprecedented challenges due to the pandemic and the war in Ukraine, continued to bear fruit in 2023's first quarter. This was primarily due to a 28 per cent increase in revenue and a 76 per cent increase in gross profit.'
Romano also explained that higher sales and continued focus on increasing productivity through strategic purchasing and rigorous management of expenses contributed to NFM's financial performance.
The cost of sales for the first quarter of 2023 stood at $109 million as compared to $91 million in the same period for 2022.
'NFM is mindful of its role in providing basic food and feed services to the region.' Romano highlighted the company's focus on the modernisation of its facilities and the development of its people. He also said the company is concurrently working on increasing its product offerings, as evidenced by the launch of the cassava and wheat blend of flour.
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