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Flour Mills of Nigeria, the country’s largest agro-allied company, has reported that its revenue rose by 53 percent during the 2017 full year ended on March 31st.

The company said revenue rose to N524.46 billion compared with N342.59 billion in the previous year. The revenue growth was driven mainly in food revenues which grew to N422.71 billion. Other revenue segments such as agro-allied products, packaging, and real estate also supported total revenue growth. However, port operations and logistics fell by 87 percent to N414.44 million.

Notwithstanding the revenue growth, Flour Mills said after-tax profit fell by 39 percent to N8.8 billion compared with N14.4 billion the previous year. The decline in profit was due mainly to the high base in 2016 full year when Flour Mills reported gains of N23.7 billion from the sale of United Cement Company of Nigeria (Unicem) to Lafarge Africa. A 45 percent increase in finance costs also contributed to the decline in profit.

Flour Mills revenue and profit was in line with analysts’ estimates, according to Cardinal Stone Parnters, a Lagos-based investment advisory firm.

The company said basic per share earnings fell to N3.03 per share in 2017 compared with N5.57 per share a year earlier. Nevertheless, the company has declared a final dividend of N1 per share.

Founded in 1960, Flour Mills is the makers of Golden Penny brand of products with operations in flour milling, pasta production, fertilizer distribution, and polypropylene bag manufacturing. The company owns Apapa Bulk Terminal Limited, the operator of Terminals A and B of the Apapa Ports, Lagos. George Coumantaros, an American of Greek origins, and his family owns 52.18 percent of Flour Mills through a holding company, Excelsior Shipping Company Limited.

Flour Mills stock fell 5.07 percent to close at N25.63 per share at the Lagos bourse on Tuesday.