Northern Nigeria Flour Mills Plc (NNFM) has released its Q3 2026 results for the period ended December 31, 2025, reporting a pre-tax loss of N584.87 million.
This marks a sharp reversal from the N2.31 billion profit recorded in the same quarter of the 2025 financial year.
The weak third-quarter result dragged the company’s 9-month pre-tax performance to a loss of N143.6 million, compared to a pre-tax profit of N4.11 billion posted in the same period last year.
The downturn was attributed to a steep decline in revenue, a near-collapse in other operating income, high material costs, and a spike in finance costs; all of which contributed to the loss.
Management says it is actively implementing measures to return the business to profitability.
In Q3 2026, revenue declined to N4.33 billion, down 48.8% from N8.47 billion in Q3 2025. The revenue drop and high cost of sales fed directly into gross profit, which fell to N241.8 million from N1.71 billion.
For the 9-month period, NNFM’s cumulative revenue stood at N18.37 billion, down 37.8% from the prior year.
Gross profit fell 65.1% to N1.33 billion, and finance costs jumped 17x to N234.7 million. This led to a pre-tax loss of N143.6 million for the 9 months ending December 2025.
Despite the weak earnings, NNFM’s balance sheet remains relatively stable. Total assets rose 18.3% to N31.97 billion, driven by higher inventories and receivables.
Equity dropped to N9.48 billion from N12.05 billion, driven by the drop in retained earnings.
Northern Nigeria Flour Mills Plc is a milling company listed on the Nigerian Exchange (NGX), producing flour and semovita.
It is currently the 104th most valuable stock on the NGX, with a market capitalization of N15 billion, significantly higher than its net assets of N9.48 billion.
As of December 31, 2025, the company’s free float stood at N4.90 billion, representing 58.1 million shares or 32.61% of its outstanding shareholding.
While cash reserves and total assets remain healthy, the company’s path back to profitability depends on its ability to restore volumes, rebuild margins, and control costs—especially finance-related charges.