NGX admit FGN multi-tranche $4bn Eurobonds
Kayode Tokede
Flour Mills of Nigeria Plc (FMN) yesterday reported 49 per cent increase in revenue to N824.98billion in its unaudited result and accounts for nine months ended December 31, 2021 from N555.34billion reported in prior nine months ended December 31, 2020.
Flour Mills of Nigeria in the period under review demonstrated solid performance across Food, Agro-Allied and Support Segments delivering revenue growth of 51 per cent in third quarter of December 31, 2021 to N569.6 billion, behind strong volume growth and mix.
Persistent good operating performance in the Food segment; continuous improvement in the Agro-Allied and Support segments alongside strong volume growth resulted in an impressive Profit Before Tax of N25.25billion in nine months of 2021 from N23.61billion in nine months of 2020.
Agro-Allied segment in nine months of 2021 contributed 42per cent or N10.7billion o the Group’s Profit Before Tax following the increase in local demand and improved export operations.
Profit for the period, thus rose by per cent to 9.4 per cent to N17.05billion in nine months of 2021 from N15.58billion reported in nine months of 2020.
As part of its expansion plans to meet growth demands, the Group installed a new pasta line, concluded the construction of a soya plant in Agbara, and purchased sixty new trucks during the review period. The Kaduna Feed Mill is near completion and is projected to be operational in May 2022.
Meanwhile, the Nigerian Exchange Limited (NGX) yesterday announced the listing of the Federal Government of Nigeria (FGN) $4billion FGN Eurobonds on its platform.
The Eurobonds were issued in three tranches as follows: 6.125% FGN SEP 2028 worth $1.25billion; 7.375% FGN SEP 2033 worth $1.5billion; and 8.25% FGN SEP 2051 worth $1.25billion.
In a statement it stated, “NGX continues to thrive as a multi-asset securities exchange providing access to a diversified range of assets including equities, fixed income, Exchange Traded Products (ETPs). In 2021, NGX facilitated capital raising of over N7.13trillion across asset classes for both public and private corporations. Furthermore, through its vast network of Trading License Holder Firms and an integrated trading platform, NGX provides institutional and retail investors access to one of the most liquid markets in Sub-Saharan Africa.”
