Northern Nigeria Flour Mills proposes 50 kobo interim dividend per share

Northern Nigeria Flour Mills Plc has proposed an interim dividend of 50 kobo per share for the period ended September 30, 2024.

The proposed interim dividend which is subject to appropriate withholding tax (WHT) will be paid to shareholders whose names appear in the register of members as at the close of business on November 11, 2024, according to the corporate actions announcement at the Nigerian Exchange Limited (NGX).

Northern Nigeria Flour Mills Plc management has been able to maintain the profit making strides of the Company up to the second quarter of the year with increased turnover and revenues. This trend is expected to continue within the rest of the year, according to the company in its October 28 explanatory notes on its six months financials.

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In the six months to September 30, the company grew its revenue to N21.087billion from N13.139billion in same period of 2023. Its gross profit rose to N2.115billion from N1.583billion in H1’2023. Its profit for the period stood higher at N1.802billion from N965.682million in H1’23.

The company’s share price stood at N37.5 per share as at November 13. It had reached a 52-week high of N53.65 and a 52-week low of N19.8, according to its trading data at the Nigerian Exchange Limited (NGX) where it has 178,200,000 shares outstanding.

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The register of shareholders will be closed from November 12 to November 19, 2024. On November 19, the dividends will be paid electronically to shareholders whose names appear on the Register of Members as at November 11 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.