The profit for Q1 2024/2025 was N7.4bn, reversing the loss recorded in the previous year’s first quarter and returning to profit levels seen in the past two years.

The company’s operating profit rose to N49.9bn, supported by revenue growth and effective cost management strategies.

The financial performance was complemented by a cash position of N159bn, providing the company with the flexibility to invest in growth opportunities and manage economic uncertainties.

Commenting on the performance, the Group Managing Director/Chief Executive Officer of FMN, Boye Olusanya, said, “Our Q1’24/25 results demonstrate FMN’s ability to deliver solid performance despite significant headwinds. We’ve shown remarkable agility in navigating the challenging macroeconomic environment, including persistent inflation and exchange rate volatilities.”

He added that the agro-allied segment saw a 68 per cent growth, driven by performance in the fertilizer and oil and fats businesses, as well as enhanced capacity utilisation.

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