Flour Mills of Nigeria Profit Rises to N15.5bn
Flour Mills of Nigeria Plc has announced that its profit before tax for the first half of its 2021/2022 financial year rose by six per cent to N15.5bn.
The profit was announced in a statement that its revenue rose by 47 per cent to N523bn from N255bn in H1 2020/21, as there was a consistent performance across its food, agro-allied and support segments, which all grew by more than 35 per cent.
The statement noted that the performance was underpinned by continued strong operating performance in the food segment, continuous improvement in the agro-allied segment, and significant growth in the support segment led by the Bagco local packaging solutions, which it said showed remarkable growth.
The Group Managing Director, Flour Mills of Nigeria, Omoboyede Olusanya, said, “I am very pleased with our half-year results. Despite prevailing economic challenges and a tough business environment, our group has continued to show resilience by achieving significant progress across operations and further strengthened the bottom line.
“In furtherance of FMN’s purpose of ‘Feeding the Nation, Everyday,’ and our goal to continue to create value for our esteemed stakeholders, we will remain focused on maintaining growth and sustaining profitability by increasing local content through product innovations and investing in production capacity to strengthen the value chain.”
Proposal of N6.8bn final dividend
Meanwhile, Flour Mills of Nigeria Plc, proposed a final dividend of N6.8bn or N1.65 per ordinary share of 50 kobo for its shareholders for the 2020/2021 financial year prior to its AGM.
It said the AGM would cover its ordinary and special businesses, including passing the respective resolutions.
It said shareholders would be afforded the opportunity to ask questions in respect of the audited financial statements and the report of the directors.
Flour Mills said this year’s AGM, themed ‘Enriching lives, empowering communities’, would highlight the group’s remarkable achievements in the 2020/21 financial year amid the global pandemic.
The company said it saw significant growths as a result of its consumer-focused product innovation, accretive strategic relationship across all its business value chains and increased investments in backward integration further to its continued commitment to increasing local content in the agro-allied sector.
The Group Managing Director, Omoboyede Olusanya, said, “We are optimistic that the business environment will continue to improve as we further sharpen our route to consumer business focus.
“We believe that putting our consumers at the heart of the business enables us to optimise value for our shareholders and create long-term positive impact for all stakeholders.”