Northern Nigeria Flour Mills Plc (NNFM) posted a 98 percent decline in earnings for the financial year ended March 31, 2026, as weaker sales and mounting operating pressures dragged the company’s bottom line.
According to the audited financial statement for the year ended March 31, 2026, the Kano-based flour miller, a subsidiary of Golden Penny Foods Limited, saw profit after tax fall to N25.6 million in the year ended March 31, 2026, from N1.75 billion in the same period of 2025.
A review of the income statement shows that the biggest pressure point came from the top line.
Revenue fell sharply by 39.1 percent to N21.55 billion from N35.39 billion in 2025, suggesting a substantial contraction in product demand, lower sales volumes, pricing pressure, or a combination of all three.
Raw material costs remained substantial, with inventory consumption standing at N17.9 billion, highlighting the capital-intensive nature of the milling business even in a weak sales year.
