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Tiger Branded Consumer Goods (TBCG), formerly Dangote Flour Mills, has reported that its total comprehensive loss rose by 100 percent for the year ended September 30, 2015.

The company lost N12.7 billion in the financial year, compared with N6.1 billion total loss last year, according to a financial statement released on the Nigerian Stock Exchange on Wednesday.

According to the statement, a partial breakdown of TBCG’s losses shows that foreign exchange losses rose five times to N1.78 billion this year, from N306 million reported last year.

Distribution and administrative expenses rose 10 percent year-on-year to N8.9 billion, from N7.99 billion last year.

Despite the losses, TBCG reported that its revenues rose by 14 percent year-on-year to N48.03 billion in FY ended September 30, 2015, from N41.27 billion reported last year.

Aliko Dangote, Africa’s richest man, bought back TBCG from South Africa’s Tiger Brands last week after agreeing to inject N10 billion into the lossmaking flour and pasta company.

Prior to Dangote’s re-acquisition, TBCG had been under the control of Tiger Brands, South Africa’s largest food producer, which paid $200 million for a 65 percent stake in the flour company in 2012.

Chibuike Oguh is Financial Nigeria's Frontier Markets Analyst