Northern Nigeria Flour Mills Plc (NNFM) has launched its Q3 2026 outcomes for the interval ended December 31, 2025, reporting a pre-tax lack of N584.87 million.
This marks a pointy reversal from the N2.31 billion revenue recorded in the identical quarter of the 2025 monetary 12 months.
The weak third-quarter end result dragged the corporate’s 9-month pre-tax efficiency to a lack of N143.6 million, in comparison with a pre-tax revenue of N4.11 billion posted in the identical interval final 12 months.
The downturn was attributed to a steep decline in income, a near-collapse in different working revenue, excessive materials prices, and a spike in finance prices; all of which contributed to the loss.
Administration says it’s actively implementing measures to return the enterprise to profitability.
Key highlights (Q3 2026 vs Q3 2025)
- Income: N4.33 billion, down 48.8% YoY
- Gross revenue: N241.8 million, down 85.9% YoY
- Finance Value: N181 million, up from N19 thousand
- Publish tax revenue: (N586) million from N2.3 billion
- Earnings per Share: (329) Kobo in Q3 vs 1,296 Kobo
- Whole Belongings: N31.97 billion, up 18.3% YoY
What the corporate’s books are saying
In Q3 2026, income declined to N4.33 billion, down 48.8% from N8.47 billion in Q3 2025. The income drop and excessive price of gross sales fed immediately into gross revenue, which fell to N241.8 million from N1.71 billion.
- Different working revenue, which had contributed over N1.1 billion in Q3 2025, turned adverse at N254.1 million this 12 months. This collapse in non-core revenue additional dented working margins.
- Administrative bills ticked as much as N385.6 million from N366.3 million, whereas promoting and distribution bills fell sharply, doubtless reflecting scaled-down industrial exercise.
- The true hit got here from finance prices, which spiked to N181 million from simply N19,000 in Q3 2025. This swing, regardless of the corporate having no exterior borrowings, suggests rising intra-group or lease-related financing costs.
- Consequently, the corporate posted an working lack of N409.7 million, which expanded a pre-tax lack of N584.9 million for the quarter.
For the 9-month interval, NNFM’s cumulative income stood at N18.37 billion, down 37.8% from the prior 12 months.
Gross revenue fell 65.1% to N1.33 billion, and finance prices jumped 17x to N234.7 million. This led to a pre-tax lack of N143.6 million for the 9 months ending December 2025.
Steadiness sheet efficiency
Regardless of the weak earnings, NNFM’s steadiness sheet stays comparatively secure. Whole belongings rose 18.3% to N31.97 billion, pushed by larger inventories and receivables.
- Money and deposits improved to N1.69 billion, up from N1.04 billion in December 2024, largely as a result of constructive working capital actions.
- The corporate reported no quick or long-term debt, retaining its leverage low.
- Nevertheless, commerce payables confirmed a adverse place, whereas different payables rose to N20.77 billion, doubtless reflecting associated social gathering balances.
Fairness dropped to N9.48 billion from N12.05 billion, pushed by the drop in retained earnings.
What to know
Northern Nigeria Flour Mills Plc is a milling firm listed on the Nigerian Trade (NGX), producing flour and semovita.
It’s at the moment the 104th most respected inventory on the NGX, with a market capitalization of N15 billion, considerably larger than its web belongings of N9.48 billion.
As of December 31, 2025, the corporate’s free float stood at N4.90 billion, representing 58.1 million shares or 32.61% of its excellent shareholding.
- This signifies that whereas an affordable portion of shares can be found for public buying and selling, a substantial stake stays within the palms of core buyers, which may restrict liquidity for brand new buyers.
- Whereas the corporate delivered a 92% return in 2025, its share value has remained flat in 2026 up to now.
- NNFM’s Q3 2026 outcomes replicate a big deterioration in monetary efficiency, with sharp declines in income, margin compression, and hovering finance prices.
- The absence of excessive non-operating revenue and an increase in group-related bills contributed closely to the quarterly loss.
Whereas money reserves and complete belongings stay wholesome, the corporate’s path again to profitability relies on its means to revive volumes, rebuild margins, and management prices—particularly finance-related costs.
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