• Tuesday, July 23, 2024
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Flour Mills proposes final dividend of N1.80kobo as revenue hits N2.3trn

Flour Mills proposes final dividend of N1.80kobo as revenue hits N2.3trn

Flour Mills of Nigeria Plc proposes paying a final dividend of N1.80 kobo for every share of 50kobo held by shareholders. The final dividend payment, subject to appropriate withholding tax and shareholders approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on August 9, 2024.

Flour Mills of Nigeria Pc in its financial results for the full year and fourth quarter ended March 31, 2024, demonstrated resilience and agility in navigating a dynamic economic landscape.

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The group’s revenue grew by 49percent to N2.3 trillion for the full year, driven by sustained demand across all business segments compared to N1.5 trillion in the previous year. Gross Profit increased by 54percent to N273 billion, reflecting effective portfolio management product innovations, pricing and cost optimization measures leading to 61percent growth in operating profit.

Profit Before Tax (PBT) and foreign exchange impact improved by 90percent 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 the ability to fulfil debt obligations.

The Group’s performance was underpinned by strong revenue growth across all business segments, including Food, Agro-Allied, Sugar, and Support services. The Food segment, recorded a 51percent increase in revenue, driven by new product launches and category flavour extensions.

Boye Olusanya, Group Managing Director/Chief Executive Officer of FMN, said, “Our consistent execution and growth underscores 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.”

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For the dividend, 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 whose names appear on the Register of Members as at Friday August 9, 2024 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.