Dangote Flour, which is soon to be sold to Crown Flour � a subsidiary of Olam, is piling up losses for its coming investors.� Highlights of the group�s third quarter result indicates that the company lost N6.84bn. The wheat...

Dangote Flour, which is soon to be sold to Crown Flour � a subsidiary of Olam, is piling up losses for its coming investors.�

Highlights of the group�s third quarter result indicates that the company lost N6.84bn.

The wheat milling firm earned N76.75bn in the quarter ending September 30.�

It had previously netted in revenues worth N83.29bn in the period ending June 30.�

This is a loss of 7.85 per cent.

Proshare reports that the firm�s loss before tax increased by�316.75 per cent to N9.64bn.�

Its loss after tax soared by�309.69 per cent to�N6.84bn.

The firm�s net asset also decline by 28.97 per cent to N39.

It�s before tax losses was occasioned by increased cost of sales, distribution and administration.

In April, the board of directors of Dangote Flour approved a 100 per cent take over from Olam.�

Dangote sold over 60 per cent of the company�s stake to South Africa-based Tiger Foods in 2012.

That relationship lasted for three years.�

It climaxed in Africa�s richest man repossessing his firm for just a dollar.�

In 2013 and 2014, Dangote Flour was on the loss trail.�

Its scorecard in 2018 amounted to a deficit of N1.16bn.�

Experts have said the firm is not strategic to the Dangote Group, hence its laggard performances and double change of ownership in six years.

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