ARM Research”: Initial View – Flour Mills of Nigeria Plc Q3 19

Earnings drown on higher cost and operating expense Yesterday, Flour Mills of Nigeria released its third quarter (FQ3 19) result for the period ended December 2019, which showed a 27.4% YoY contraction in EPS by 27.4% YoY to N0.69 following persisting pressure on margins from higher cost of sales (+7.3% YoY) and higher operating expense […]