Nigeria’s Flour Mills’ Shareholders get Dividend of N1.80 per Share as Annual Revenue Up N2.3 Trillion

Date:

Flour Mills of Nigeria Plc has proposed a final dividend of N1.80 per share for every 50 kobo share held by shareholders. This dividend payment, subject to appropriate withholding tax and shareholder approval, will be distributed to those listed in the Register of Members as of the close of business on August 9, 2024.

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In its financial results for the full year and fourth quarter ended March 31, 2024, Flour Mills demonstrated resilience and agility amid a dynamic economic landscape. The group’s revenue grew by 49 percent to N2.3 trillion, driven by sustained demand across all business segments, up from N1.5 trillion the previous year. Gross profit increased by 54 percent to N273 billion, reflecting effective portfolio management, product innovations, pricing, and cost optimization measures, leading to a 61 percent growth in operating profit.

Profit Before Tax (PBT) and foreign exchange impact improved by 90 percent to N141 billion. The group generated significant cash flow, with a solid net cash position of N176 billion, providing flexibility to invest in growth opportunities and meet debt obligations.

The group’s performance was bolstered by strong revenue growth across all business segments, including Food, Agro-Allied, Sugar, and Support Services. The Food segment saw a 51 percent increase in revenue, driven by new product launches and category flavor extensions.

Boye Olusanya, Group Managing Director/Chief Executive Officer of FMN, stated, “Our consistent execution and growth underscore FMN’s financial and operational resilience. Despite the challenging economic environment, we have solidified our position as a market leader in the Food and Agro-Allied sector, driven by innovative product offerings and efficient operations.”

The register of shareholders will be closed from Monday, August 12 to Friday, August 16, 2024. On Thursday, September 5, 2024, dividends will be paid electronically to shareholders listed in the Register of Members as of Friday, August 9, 2024, who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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