Flour Mills of Nigeria Plc has proposed a final dividend of N1.80 kobo for every share of 50 kobo held by shareholders. The final dividend payment, subject to appropriate withholding tax and shareholders' approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on August 9, 2024.
The company's financial results for the full year and fourth quarter ended March 31, 2024, demonstrated resilience and agility in navigating a dynamic economic landscape. The group's revenue grew by 49% to N2.3 trillion for the full year, driven by sustained demand across all business segments compared to N1.5 trillion in the previous year. Gross Profit increased by 54% to N273 billion, reflecting effective portfolio management, product innovations, pricing, and cost optimization measures leading to 61% growth in operating profit. Profit Before Tax (PBT) and foreign exchange impact improved by 90% to N141 billion. The Group generated significant cash flow, with a solid net cash position of N176 billion,
providing flexibility to invest in growth opportunities and the ability to fulfill debt obligations.
The Group's performance was underpinned by strong revenue growth across all business segments, including Food, Agro-Allied, Sugar, and Support services. The Food segment recorded a 51% increase in revenue, driven by new product launches and category flavor extensions.
The proposed final dividend reflects the company's financial and operational resilience, solidifying its position as a market leader in the Food and Agro-allied sector, driven by innovative product offerings and efficient operations.
The register of shareholders will be closed from Monday, August 12, to Friday, August 16, 2024. Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at Friday, August 9, 2024, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.
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