By Dipo Olowookere
The payment of N1 per ordinary share of 50 kobo has been approved by shareholders of Flour Mills of Nigeria Plc.
This decision was made in Lagos at the firm’s 57th Annual General Meeting (AGM) held on Wednesday, September 6, 2017.
Speaking at the AGM, Chairman of Flour Mills, Mr John Coumantaros, said the company will continue to make investors smile.
He attributed the progress made by the firm to better price management and improved cost control, promising that the management will not rest on its oars.
According to him, the company will continue to improve and re-engineer its existing product range in the market to make them market leaders.
He said Flour Mills of Nigeria grew its revenue by 51 percent to N375 billion from N248 billion, though its profit after tax stood N9.8 billion versus N10.4 billion achieved earlier.
But he said the profit before tax increased to N11 billion from N6.2 billion, representing 77 percent rise.
But the fortunes of the firm returned in the financial statements of the firm posted on August 1, 2017, where it posted a profit after tax of N4.5 billion in the first quarter of 2017 ended June 30, against N4 billion in Q1 2016.
Flour Mills of Nigeria Plc was incorporated as a private limited company on September 29, 1960 and was converted to a public liability firm in November 1978.
The Group is primarily engaged in flour milling; pasta production; importation, blending, distribution and sale of fertiliser; manufacturing and marketing of laminated, woven polypropylene sacks and flexible packaging materials; operation of terminals A and B at the Apapa Port; sale of
bulk and bagged cement; customs clearing and forwarding agents and shipping agents; livestock feeds and management of third party mills.
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