(Ecofin Agency) - Would it be possible that Dangote Flour Mills (DFM) is rising back from the ashes? That is presently the question on the lips of analysts after the Nigerian miller published results for its first nine months of activity. The firm which was re-acquired by business mogul Aliko Dangote from South African Tiger Brands, has indeed shown for the period which ended last June 30 a pre-tax profit of N2.64bn.

This clearly marks an end to the previous cycle of losses during which the company recorded N9.55bn of losses, over the same period the year before more specifically. Now, operating activities of the firm rose to N8.47 billion, under the new management which is headed by Ighodalo Asue. Commenting the turnaround, Asue said: “We bought back Dangote Flour Mills from Tiger Brands and by this move, it means we have a stronger, better sophisticated and more focused Dangote Flour Mills. Since the takeover, we have taken a lot steps to reposition the company through expansion to drive growth”. He further reaffirmed DFM’s commitment to increase its value for the benefit of its shareholders.

Let’s recall that South African giant Tiger Brands spent more than $200 million to buy DFM. However, after a series of mishaps, the firm had to forego its investment; this caused it at the time to lose its CEO, Peter Matlare, who since then has taken over Barclays Africa.

Aaron Akinocho