Dangote Flour Mills Plc (DANGFLOUR) on Thursday said its pre-tax profit for the half year (H1) period ended June 30, 2017 increased 144.46 percent to N8.79 billion from N894 million posted in first quarter (Q1) ended in March 31, 2016.
Profit after tax (PAT) of the company grew 56.29 per cent to N5.75 billion from N1.02 billion recorded in March 31, 2016.
Revenue also increased to N64.85 billion in the H1 period ended June 30, 2017 from N26.44 billion declared in March 31, 2016, Dangote Flour said in a filing with the Nigerian Stock Exchange (NSE).
The company also grew its net assets by 128 per cent from N12.5 billion in 2016 to N28.7 billion in 2017.
It will be recalled that the company recently sold its noodles business to Dufil Prima Foods Plc, makers of the Indomie Noodles.
The divestment was part of strategies of focusing on core areas of flour and pasta production where the company has substantial market share.
Expert said with the divestment, Dangote Flour will become more profitable by improving in areas of quality, distribution and marketing.
Dangote Flour Mills raked in N105.77 billion in 2016, marking a return to profitability after years of losses.