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Flour mills record 51% revenue increase

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Flour Mills of Nigeria Plc said it recorded revenue increase of 51 per cent and profit before tax of N41bn from N37bn in the previous year.

A statement said the company disclosed this during its  62nd annual general meeting for the financial year ended 31 March 2022 in Lagos.

According to the company, the event had in-person attendance four directors, the company secretary, 16 shareholder proxies, four observers, representatives from the Nigerian Exchange Limited, the Securities and Exchange Commission, and other required stakeholders.

At the meeting, the Vice Chairman, Mr Paul Gbededo, who represented the Chairman, Mr John Coumantaros said it recorded solid performance across key business segments.

The statement said shareholders at the meeting commended the board of directors and management for an impressive performance and adopted all the resolutions presented.

It added that the resolutions included dividend payment of N2.15k per ordinary share of 50kobo, amounting to a total of N8.82bn for the financial year ended March 31, 2022, an increase of 30 per cent from the previous financial year.

Speaking on the Group’s performance and its vision for the future, the Vice Chairman, FMN, Mr Paul Gbededo, said, “Our business has been progressively improving especially in the last five years, and for a company to achieve over a trillion naira as the topline, I think we have come of age.”

“Indeed, this is a very good result for the company and shareholders. We appreciate the commendation by the shareholders and shall also seriously consider their observations in growing the Company even greater.”

 

 

 

 

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