NFM profits rise to $39.7m in Q3

NATIONAL Flour Mills has reported a profit after tax of $39 million for the third quarter ending September 30.

Chairman Ashmeer Mohamed in a statement said revenue grew to $401 million compared to $386 million for the same period the year before.

He said the success of the company for the quarter came amid ongoing trade uncertainties and heightened geopolitical risks.

“NFM, like all other manufacturers in TT, has had to face increasing disruptions to supply chains caused by various global issues. However, we wish to inform our shareholders and the general public that we are closely monitoring international developments and we have employed mitigation strategies to ensure that the quality of our service is not impacted.”

He said internal enhancements contributed to the company’s success for the quarter.

“A key feature of this quarter was our Ibis Brand revitalisation and the launch of new stock-keeping units to better meet the changing needs of our customers,” he said.

“We are also experiencing growth in Feed sales following product reformulations and the introduction of new specialty feed products for key segments.”

Mohammed advised that the Annual General Meeting scheduled for October 28 had to be postponed. He said another date will be determined for the meeting.