NIGERIA – Golden Penny Foods, a subsidiary of Flour Mills of Nigeria (FMN) Plc, has expanded its portfolio with the launch of the Golden Penny Multipurpose Household Flour.
Golden Penny is well-known for its extensive range of food products, including flour, pasta, and other staples that are vital to Nigeria’s food security.
According to the company, this product’s launch is the result of extensive consumer research, particularly a Usage and Attitude (U&A) study, which allowed FMN to understand and cater to the specific needs of Nigerian households.
This new product aligns with FMN’s mission, its mother company, to feed the nation daily and underscores its commitment to innovation in the food and agro sector.
The Golden Penny Multipurpose Household Flour is available in a 1kg pack designed for easy use and storage in home kitchens, offering a practical solution to common challenges faced by consumers.
Ilyas Kazeem, Marketing Director of FMN’s Food Commercial Division, expressed his enthusiasm for the new product, highlighting its health and hygiene benefits.
Kazeem pointed out that the packaged flour addresses critical concerns related to the common practice of measuring and selling flour in open markets, where it is often handled with bare hands or non-standard containers.
“Now you can bake with guaranteed peace of mind that you are using a high-quality, hygienic product,” he said, adding that the flour is perfect for a variety of pastries, from chin-chin to puff-puff, cakes, doughnuts, and more,” he said.
Industry analysts note that the introduction of the Golden Penny Multipurpose Household Flour could significantly impact the home baking segment in Nigeria, particularly in urban areas where there is a growing trend toward home cooking and baking.
The launch aligns with FMN’s broader strategy to innovate and adapt to evolving consumer preferences.
The company continues to explore new ways to meet the needs of Nigerian consumers, emphasizing convenience, versatility, and safety in its product offerings.
This latest move comes after food production Parkhouse made a comeback in the first quarter of the 2025 financial year, returning to profitability after a challenging 2023/2024 financial year.
The company reported a pre-tax profit of US$9.6 million for the quarter ended June 2024, a striking recovery from the pre-tax loss of US$12.4 million recorded in the same period the previous year.
This resurgence is particularly notable given the company’s struggles in the 2024 financial year, which ended in March 2024 with a pre-tax loss of US$510,000. The previous year was fraught with challenges, including Naira devaluation and rising interest rates, impacting the company’s financial stability.
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