National Flour Mills' Q3 2024 profit rises past 2023

NATIONAL FLOUR MILLS LTD profit for the third quarter of 2024 has surpassed its profit for 2023.

In its unaudited results as at September 30, newly-installed chairman Ashmeer Mohamed said, "I am pleased to report that for the period ended September 30, NFM continued its strong, in-year performance recording a profit of $38.3 million as compared to $26 million for the comparative period in 2023 and $35.4 million for the period ending December 31, 2023.

Revenue, Mohamed said, declined ten per cent year on year from $431 million in 2023 to $386 million in 2024, the cost of sales declined by 15.8 per cent from $320 million in 2023 to $270 million for the comparative period in 2024.

"This was attributable to favourable grain prices and prudent grain purchasing. The stability of expenses and a significant decrease in finance costs were also contributory factors," he added.

Mohamed said two directors retired at the company's annual general meeting on September 27.

Nigel Romano retired as a director and chairman "after laying a strong foundation for the company." Annalean Inniss also retired.

Stacy Adams and David Robinson were announced as directors.

Mohammed said despite these changes, the board remains committed to the pursuit of strategies to achieve sustained profitability.

"Apart from completing the initiatives already in progress, there will be a strong emphasis on increasing exports and deepening our footprint throughout the Caribbean," he said

The installation of the new dry-mix pouch packaging line and the new two kilogramme packaging line earlier this year is consistent with this strategy, he added.

Mohamed said, "We look forward to providing you, our customers with our traditional dry-mix products in new and improved reusable pouch packaging, and significantly enhancing your experience of using our products.

"Our focus continues to be on product and process innovation as well as marketing innovation as increased exports will directly impact profitability. To support this thrust, the training and development of our people continues to be a priority."

In an announcement on the Trinidad and Tobago Stock Exchange website on November 4, Kerry Mohammed was named a director effective November 1.