Northern Nigeria Flour Mills : N NIG. FLOUR MILLS PLC.- QUARTER 2 - FINANCIAL STATEMENT FOR 2023

NORTHERN NIGERIA FLOUR MILLS PLC - KANO

Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2022 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Three

	Note
Volumes (MT)
Revenue
Cost of sales	1
Gross profit/(Loss)
Other Operating Income	2
Selling and distribution expenses	3
Administrative expenses	4
Operating profit/(Loss)
Investment income
Finance cost	5

Profit/(Loss) before tax

Tax expense

Profit/(Loss) after tax

Six Months		Six Months		Three Months		Months
Ended		Ended		Ended		Ended
30-09-22	30-09-21	30-09-22	30-09-21
N'000		N'000		N'000		N'000
17,621	24,914	7,840	13,246
8,240,110	8,010,995	3,849,248	4,447,514
(7,472,187)		(7,382,997)		(3,425,095)		(4,130,295)
767,923	627,997	424,153	317,219
			-
29,687	53,190	20,443	16,745
(93,322)	(60,159)	(48,760)	(31,568)
(477,374)		(353,008)		(353,163)		(182,263)
226,914	268,020	42,673	120,133
			-
507	3,511	142	2,417
(30,717)		(97,789)		(14,684)		(31,664)
196,704	173,742	28,131	90,886
			-
196,704	173,742	28,131	90,886
			-
				-		0
196,704		173,742		28,131		90,886
			-

Profit/(Loss) attributable to:				-
Owners of the Company	196,704	173,742	28,131	90,886
Earnings per Share - Basic (Kobo)	110		97		16	51

MR ADRIAN NAIDOO	EMMANUEL N ODIGIE
Managing Director	Chief Financial Officer
	FRC/2013/ICAN/00000004286

October 7th, 2022

Explanatory Notes:

Management has been able to maintain the profit making strides of the Company up to the second quarter of the year with increased turnover and revenues. This trend is expected to continue within the rest of the year.

Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2022 STATEMENT OF FINANCIAL POSITION

		30-Sep-22		30-Sep-21		31-Mar-22
	Note	N'000		N'000		N'000
Non-current assets
Property, plant and equipment		3,793,179	3,625,336	3,847,899
Deffered tax assets		5,815	5,815	-
Prepayments/Investments in associates		-	-		10,259
Total non-current assets		3,798,994	3,631,151	3,858,158
Current assets
Inventories	6	7,738,074	2,513,213	8,237,924
Trade receivables	7a	99,596	127,717	222,384
Other receivables	7c	65,174	9,930	-
Prepayments	7b	29,803	56,107	34,139
Due from related companies	7c	61,698	24,058	-
Cash and deposits		631,654	2,741,688		962,523
Total current assets		8,626,000	5,472,712	9,456,970
Total assets		12,424,994	9,103,864	13,315,128
Equity
Share capital		89,100	89,100	89,100
Share premium account		89,521	89,521	89,521
Fixed Assets Revaluation Reserve		1,566,005	1,566,005	1,566,005
Retained earnings		1,249,240	1,253,271		1,109,843
Total equity		2,993,865	2,997,897	2,854,469
Non-current liabilities
Borrowings	8	156,118	311,687	237,569
Retirement benefit obligation	10	215,505	196,130	190,058
Long service award	11	34,367	44,656	30,746
Deferred Revenue	15	4,985	33,519	29,282
Deferred tax (asset)/Liability	9	207,385	71,553		201,570
Total non-current liabities		618,359	657,545	689,225
Current liabilities
Borrowings	8	165,141	285,320	156,134
Trade payables	12,13 & 15	8,593,629	4,676,784	9,401,278
Dividend payables	13				31,508
Current tax payable	13	(7,847)	7,729	97,808
Customer deposits	14	61,847	478,588		84,706
Total current liabilities		8,812,769	5,448,421	9,771,434
Total liabilities		9,431,128	6,105,966	10,460,659
Total equity and liabilities		12,424,994	9,103,864	13,315,128

NORTHERN NIGERIA FLOUR MILLS PLC

STATEMENT OF CHANGES IN EQUITY

Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2022

Equity attributable to equity holders of the Company

Balance at 1 April 2021

Transfer from total comprehensive income for the period Dividend payment

Balance at 30th September 2021

Balance at 1 April 2022

Transfer from total comprehensive income for the period

	Share		Non	Retained
Share Capital	Revaluation reserve	controlling	Total Equity
premium	Earnings
		interest
N'000	N'000	N'000	N'000	N'000	N'000
					-
89,100	89,521	1,566,005	-	1,106,259	2,850,885
				(60,159)	(60,159)
				(26,730)	(26,730)
89,100	89,521	1,566,005	-	1,019,370	2,763,996

89,100

89,521

1,566,005

-

1,109,843

2,854,469

-

183,946183,946

Dividend Paid					(44,550)	(44,550)
Balance at 30th September 2022	89,100	89,521	1,566,005	-	1,249,239	2,993,865