Flour Mills Reveals Reason for Delay in Filing Year-End Results

By Dipo Olowookere

One of the flour milling firms in the country, Flour Mills of Nigeria Plc, has explained why its board was yet to release the financial statements for the year ended March 31, 2019.

In a notice to the Nigerian Stock Exchange (NSE), the company said the delay was as a result of an issue, which was taking longer than envisaged by the board.

However, the firm expressed optimism that within the next two weeks of this notice, the much-awaited Audited Financial Statements would be filed and investors will have the opportunity to know its financial position.

“Flour Mills of Nigeria Plc, Nigeria’s leading food and agro-allied group, today announced a delay of the release/ publishing of its Annual Audited Financial Statements for the year ended 31st March 2019.

“The marginal delay is necessitated by the complexities surrounding the recently concluded optimization process of FMN Agro-Allied Holding within the Group.

“The need to ensure the proper integration of the new structure within the business to give optimal stakeholder value, and the proper alignment with all Legal and Procedural requirements has taken longer than envisaged and beyond the submission timeline.

“We are positive that the Audited Financial Statements will be filed within two weeks of this notice and be in optimal alignment to all the necessary financial standards and best practices,” the disclosure stated.

In a related development, the board of May & Baker Plc has said it would be filing second quarter unaudited financial statements later than the stipulated date of July 31, 2019.

“This is to inform our shareholders and the investing public that May & Baker Nigeria Plc will be filing its second quarter unaudited financial statements later than the stipulated date of July 31, 2019.

“This is due to a temporary setback in the implementation of our new Enterprise Resource Program (ERP) to replace the old legacy ERP which is just expiring.

“Nonetheless management envisages that it shall complete the accounts and be able to submit same by August 31, 2019.

“Management has obtained the approval of the Nigerian Stock Exchange for this extension of submission,” the firm said.