Flour Mills Proposes Dividend Of N9.225bn For Shareholders


Flour Mills of Nigeria Plc has proposed a final dividend of N9.225 billion for the financial year ending March 31, 2023

This represents a dividend of N2.25 per unit of 50 Kobo ordinary shares for its shareholders for the financial year.

This was contained in the firm’s corporate action announcement to the Nigerian Exchange Limited (NGX).

According to the company, the dividend is subject to shareholders’ approval and appropriate withholding tax will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday, 13th October 2023.

According to the statement signed by the company, on 10th November 2023, dividends will be paid electronically to shareholders whose names appear on the Register of Members as of 13th October 2023 and who have completed the e-dividend registration and mandated the Registrars to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on the website of the Registrars.

Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are also advised to complete the e-dividend registration or contact the Registrars.

Foods and Agro Allied company, Flour Mills of Nigeria Plc, grew its profit by 5.32% to N29.504 billion at the end of the financial period, March 2023, from N 28,015 billion recorded in the same period in 2022.

In its Annual Report, which was filed with the Nigerian Exchange Limited, the organisation also recorded a 32% growth in its revenue from N1.163 trillion to N1.539 trillion.

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Also, in its unaudited financial results for the three months ended 30 June 2023, FMN suffered a loss of N9.337 billion. The company had recorded a gain of N5.812 billion in 2022.

In accompanying notes, FMN Plc said its operating profit dropped significantly due to a foreign exchange loss of N22.5 billion in the last quarter leading to a loss before tax of N9.3 billion.

Without the devaluation of the exchange rate, the operating profit would have increased by 52%. Management remains optimistic that with the current government monetary policies at stabilizing the forex market, and management continues effort in sales and marketing activities geared towards boosting our top line while keeping cost under control, we expect to see significant improvement in profit generation in the coming period,” the report said.

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