Biography Of John Coumantaros (Age , Net Worth , Wife) - Despite a double-digit increase in revenue in the first half of its fiscal year 2023, Flour Mills of Nigeria Plc, a Nigeria-based agro-allied group led by Greek multimillionaire businessman John Coumantaros, saw a significant drop in profit of N4.83 billion ($11 million) in the face of a challenging macroeconomic environment.
John Coumantaros
The group’s earnings declined as it began integrating its newly acquired subsidiary, Honeywell Flour Mills, into its broad-based activities in order to realize the anticipated synergies, with a focus on restructuring its financial sheet to reduce foreign exchange risk and maintain production stability.
According to the group’s recently disclosed financial results, Flour Mills’ earnings in the first six months of its 2023 fiscal year declined by 45.86 percent, or N4.83 billion ($11 million), from N10.53 billion ($24 million) in the first half of 2022 to N5.7 billion ($13 million).
Despite a significant 38-percent increase in revenue above N720 billion ($1.64 billion), earnings fell due to an increase in the group’s finance costs, with revenue growth for the half-year period averaging 36 percent across all business segments due to a favorable mix and some exchange-related pricing.
Flour Mills of Nigeria is the market leader in flour and flour-product marketing and production in Nigeria, as well as one of the country’s top consumer products firms listed on the Nigerian Exchange, with a market value of N124 billion ($282 million).
Coumantaros, a Nigeria-based Greek businessman and chairman of Flour Mills Conglomerate, owns 63.3 percent of the agro-allied group through Excelsior Shipping Company Limited.
If the firm fails to outperform last year’s results, the multimillionaire industrialist and consumer products mogul, who earned a payout of N5.58 billion ($13.45 million) from his stake this year, may wind up with lesser dividend profits this year.
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