Economy
Flour Mills Raises Dividend Payout by 17% as Profit Jumps 185%
By Dipo Olowookere
Shareholders of Flour Mills of Nigeria Plc will receive a higher dividend this year than they got from the company last year.
This is because the board of the flour miller has increased the dividend payout for the 2019 financial year by about 17 per cent.
On Monday, August 3, 2020, the firm released its financial statements for the year and from the analysis by Business Post, the shareholders will get a cash reward of N1.40 for each of their company’s stocks in their portfolio. For the 2018 fiscal year, investors were paid N1.20 per unit.
In a notice today, Flour Mills said it will pay the dividend to shareholders on Monday, September 14, 2020, directly to their bank account.
However, the beneficiaries will only be those whose names appear on the register of members as at the close of business on Friday, August 14, 2020, while the register will be closed from Monday, August 17 to Friday, August 21, 2020.
Business Post observed from the financial status of Flour Mills that it had a fruitful 2019 as the revenue grew to N573.8 billion from N527.4 billion despite the hard operating environment, which prevented the company to export some of its products through the land borders to neighbouring countries.
The increase in the turnover was only boosted by the higher local demand for the company’s flour, pasta, snacks and noodles, contributing N358.4 billion to the total turnover compared with the previous year’s N335.6 billion, while the sale of agro-allied products and sugar accounted for N105.5 billion (versus N88.1 billion in FY’19) and N97.6 billion (versus N82.7 billion in FY’19) respectively.
According to the firm, revenue from customers domiciled in Nigeria amounted to N569.4 billion (2019: N520.2 billion), while revenue from foreign customers (export revenue) amounted to N4.3 billion (2019: N7.2 billion.
It further said one of its major customers from the food segments represented approximately N12 billion (2019: N15 billion) of the group’s total turnover.
In the year, the cost of sales jumped to N508.0 billion from N474.1 billion in 2019 as a result of the higher cost of raw and packaging materials and production employee costs.
During the period, the gross profit increased to N65.8 billion from N53.4 billion, while the net operating gains dropped to N4.9 billion from N6.2 billion despite an increase in fair value gain on derivatives, government grants, insurance claim and rental income.
The net operating gains were impacted negatively by loss on exchange differences loss on disposal of property, plant and equipment as well as sundry loss.
Furthermore, the selling and distribution costs rose to N9.3 billion from N8.2 billion, while the administrative expense jumped to N23.4 billion from N19.4 billion, leaving the operating profit at N35.1 billion as against N32.3 billion in FY 2019.
In the period under consideration, the investment income of Flour Mills rose significantly to N2.4 billion from N768.6 million, while the finance costs went down to N20.0 billion from N22.9 billion.
The profit before tax appreciated to N17.5 billion from N10.2 billion, while the net profit astronomically jumped by 185 per cent to N11.4 billion from N4.0 billion.
Economy
Wems BO Plans Personal Finance Retreat to Empower Nigerians
By Adedapo Adesanya
Financial educator and coach, Mrs Wemimo “Wems BO” Bolu-Opaniran, is set to host the maiden edition of the Wems BO Personal Finance Retreat 1.0, a weekend event aimed at helping participants improve their financial literacy and develop practical money management skills.
According to a statement, the retreat is designed to make personal finance engaging and accessible through interactive sessions, games, networking opportunities, and one-on-one coaching sessions.
The organisers said the event will focus on providing attendees with practical and actionable financial knowledge rather than conventional lecture-style teaching.
“Come and unravel financial wisdom and leave with a practical and concrete action plan,” the organisers stated in a statement.
Activities lined up for the retreat include interactive finance sessions, networking opportunities, personal finance workbooks, games and activities, food and souvenirs, as well as three months of exclusive access to the event replay.
Speaking on the rationale for organising the event, Wems BO noted that lack is primarily not always the reason people have bad finances, but often, money culture is.
“The way one sees and treats money has been a development from years and decades past. So, what to do about money is not the solution. It is mindset, defaults and motivations shaping decisions.
The solution is an inner inquiring on why you do what you do, beyond money. Understanding who you are, then beginning to drive decisions that make you grow, manage and scale your finances in a way that aids the life you want,” she told Business Post.
Participants will also have the opportunity to receive one-on-one coaching with the finance guru.
The event is scheduled to be held from Friday, July 17 to Saturday, July 18, 2026, at an in-house venue on Lagos Mainland.
Ticket prices were pegged at N40,000 for individual attendees and N76,000 for duo tickets, with organisers noting that limited slots remain available.
Interested participants can register through the official registration link.
Economy
Unlisted Securities Index Rises 0.91%
By Adedapo Adesanya
A 0.91 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 22, after the share prices of four securities ended in green.
According to data, FrieslandCampina Wamco Plc went up by N15.61 to N179.67 per share from N164.06 per share, Newrest Asl Plc grew by N6.11 to N67.26 per unit from N61.15 per unit, Food Concepts Plc appreciated by 17 Kobo to N2.75 per share from N2.58 per share, and Nitrox Industrial Gases Plc added 6 Kobo to sell at N25.50 per unit compared with the previous day’s N25.44 per unit.
At the close of business, the market capitalisation chalked up N23.22 billion to settle at N2.561 trillion versus Thursday’s N2.538 trillion, and the NASD Unlisted Security Index (NSI) increased by 38.81 points to 4,281.28 points from 4,242.47 points.
During the session, the price of Central Securities and Clearing System (CSCS) Plc was down by N3.13 to N71.07 per share from N74.20 per share.
The activity chart showed that the volume of securities transacted by the market participants decreased yesterday by 81.6 per cent to 590,339 units from the 3.2 million units recorded on Thursday, as the number of deals shrank by 28.6 per cent to 30 deals from the 42 deals recorded a day earlier, while the value of securities increased by 0.5 per cent to N95.3 million from the preceding session’s N94.8 million.
Great Nigeria Insurance (GNI) Plc closed the day as the most active stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units traded for N4.1 billion.
The most active stock by volume on a year-to-date basis was GNI Plc, with the sale of 3.4 billion units for N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
Economy
Stock Investors Gain N344bn amid Decline in Transactions
By Dipo Olowookere
The Nigerian Exchange witnessed a decline in transactions on Friday despite closing higher by 0.22 per cent on the back of sustained bargain-hunting.
During the last trading session of the week, investors transacted 711.9 million equities valued at N29.1 billion in 62,386 deals compared with the 1.1 billion equities worth N31.0 billion traded in 62,448 deals in the previous day, indicating a decline in the trading volume, value, and number of deals by 35.28 per cent, 6.13 per cent, and 0.10 per cent, respectively.
Fidelity Bank closed the day as the most active stock with the sale of 198.1 million units for N4.6 billion, Access Holdings traded 69.7 million units worth N1.8 billion, Mutual Benefits exchanged 42.7 million units valued at N197.4 million, Japaul transacted 33.9 million units worth N134.4 million, and Zenith Bank sold 24.4 million units valued at N3.2 billion.
Yesterday, the industrial goods index rose by 0.53 per cent, the consumer goods sector jumped 0.28 per cent, the banking industry improved by 0.25 per cent, and the energy counter soared by 0.18 per cent, while the insurance space shed 0.18 per cent.
At the close of business, the All-Share Index (ASI) gained 536.98 points to finish at 249,712.37 points compared with the previous day’s 249,175.39 points, and the market capitalisation grew by N344 billion to N160.077 trillion from N159.733 trillion.
Aluminium Extrusion and DAAR Communications expanded by 10.00 per cent each to sell for N9.90 and N2.09, respectively, RT Briscoe surged by 9.93 per cent to N14.06, Learn Africa increased by 9.79 per cent to N12.90, and Red Star Express advanced by 9.56 per cent to N34.95.
On the flip side, Trans-Nationwide Express depreciated by 9.92 per cent to N5.72, Livestock Feeds dipped by 9.64 per cent to N8.90, The Initiates crashed by 8.65 per cent to N33.80, Ellah Lakes drowned by 8.64 per cent to N10.05, and Neimeth lost 6.36 per cent to trade at N10.30.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
