Flour Mills Profit Declines to N8.8b, Declares N1 Dividend

By Modupe Gbadeyanka

One of the major flour milling companies in Nigeria, Flour Mills of Nigeria Plc, has released its financial statements for the year ended March 31, 2017.

In the results analysed by Business Post, it was observed that the profit declared by the firm was lower than what was achieved in the previous year.

Flour Mills of Nigeria Plc, in the financial statements, declared a post-tax profit of N8.836 billion versus N14.420 billion posted last year.

Also, the group’s pre-tax profit for the year ended March 31, 2017, stood at N10.473 billion in contrast to N11.489 billion a year ago.

However, its revenue for the year increased to N524.464 billion in the period under review against N342.587 billion 12 months ago.

Meanwhile, the Flour Mills of Nigeria Plc has declared a dividend of N1 per ordinary share of 50k each.