N11.82 billion, that is what Dangote Flour Mills posted as profit before tax of N11.82 billion for its financial year ended December 31, 2016. It show the company has returned to profitability after four years of losses.

The result released on the floor of the Nigerian Stock Exchange (NSE) shows the group’s operating profit went up to N16 billion compared to a loss of N8.6 billion posted at the preceding year. Profit after tax went up to N10.6 billion in contrast to a loss of N12.5 billion in 2015.

Revenue went up by 120 percent from N48 billion to N105 billion, while gross profit increased by 556.8 percent to N29 billion compared to N4 billion in 2016. Capital market analysts described the company’s performance as heartwarming given that the company had recorded losses in the past.

The company,  Dangote Flour Mills which is made up of Dangote Flour, Dangote Pasta, and Dangote Noodles was sold to Tiger Branded Consumer Goods, but later reacquired and re-positioned for good results; after which a news board of directors and management was constituted and restructuring process started.

Ighodalo Asue, the chairman of Dangote Flour Mills said, “We bought back Dangote Flour Mill from Tiger Branded Consumer Goods and by this move, it means we have a stronger, better, sophisticated and more focused Dangote Flour Mills.

“Since the takeover, we have taken a lot of steps to reposition the company through expansion to drive growth. We are also using this medium to restate our commitment to increasing our shareholders.”

On his part, the group chief executive officer, Dangote Flour Mills, Thabo Mabe, attributed the return to profitability to several strategies adopted by the company to increase market share and create value for shareholders.