National Flour Mills (NFM) Ltd reported after tax profit of $783 million for the quarter ended September 30–a six per cent increase compared to September 30, 2013. Chairman Mike Bazie said the company was placing emphasis on improving its operational efficiencies and he is forecasting more favourable commodity prices in the short-term.
During the year, the company offered 20 per cent discounts on its oil, flour and rice products in December 2013 and July 2014, facilitating an initiative on behalf of the Government. The first discount in December 2013, was a 20 per cent discount on oil, flour and rice productsCEO Kelvin Mahabir, who joined the company in July, told the T&T Guardian he was confident NFM could handle a third set of discounts and would be doing so over a three-day period starting today, and ending on Monday.
Commenting on the level of brand recognition and competitive edge enjoyed by the company, Mahabir said: "The NFM brand has a good market share. Some persons who did not try the product before may do so during this offer and may stay with our superior products."He said the company will be keeping track of retailers offering the discounts.
"We police, along with Consumer Affairs and do not give the discount to those who have not adhered to the rules. Also, there is a consumer hotline to get complaints from end users who were not offered the discounts."Mahabir said NFM's cash and cash equivalents for the period ended September 30, amounted to $39.9 million and can be compared to the corresponding period in 2013, when it amounted to $31.1 million.
Mahabir predicted that 2015 would be a year of transformation for NFM and he said there were plans for a "roll out of culture changes to the entire workforce and introduction of a unique productivity system."