FLOUR MILLS OF NIGERIA PLC 9M’24 EARNINGS – Topline expansion momentum sustained

Analyst: Oluebube Nwosu*o.nwosu@vetiva.comTarget price: ₦35.91Rating: SELLQ3 revenue growth expands gross marginIn the third quarter of FMN’s fiscal year 2024 (Oct to Dec ‘23), the company exhibited an exceptional performance, with revenue skyrocketing to ₦594.6 billion, a substantial 51% increase compared to Q3’23. This remarkable growth came about by a mix of volume growth and price…

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