Shareholders of Flourmills of Nigeria Plc, have approved the firm’s N2.032 billion total dividend for the 2017 financial year. The firm is to pay the total dividend which translating to N1.00 per for every 50 kobo share. The shareholders expressed their excitements, saying Flourmills recorded improved performance during the period under review.
Reviewing its performance, Flourmills chairman, John Coumantaros, explained that revenue grew by four per cent to N389 billion, while profit before tax stood at N14 billion, representing 29 per cent rise when compared to N10 billion recorded in the corresponding period of 2016.
Profit before tax also rose to N14 billion or 29 per cent above the N10 billion recorded in the last financial year. Profit after tax went fell six per cent to N9.2 billion primarily due to the effect of deferred tax adjustment following the company’s exit from pioneer status.
“The Group’s revenue of N542 billion, represents an impressive 3.5% year-on-year growth.” Coumantaros was quoted. Flourmills of Nigeria Plc had released its financial results for the period ended June 30, 2018. The company’s revenue plummeted from N148 billion in June 2017 to N133 billion in June 2018. Profit before tax also dropped from N6 billion in June 2017 to N5 billion in June 2018.
Profit after tax fell from N4 billion in June 2017 to N3.6 billion in June 2018. Flourmills of Nigeria Plc was incorporated in September 1960 as a private limited liability company and has been serving the needs of generations of Nigerians ever since. In 1978, FMN became a public limited liability company and its shares were subsequently listed on The Nigerian Stock Exchange.
Flourmills’s interest in becoming the nation’s leading food business company is furthered by entities operating in agriculture, livestock feed and pasta manufacturing. The firm currently has over twelve thousand full and part-time employees, and has since been steering the green revolution in Nigeria with the use of locally sourced materials to develop and produce unique consumer products for local markets.