Flour Mills of Nigeria Plc has announced decision to pay N1.80 per share as dividend to shareholders, according to details from its regulatory filing.
Dividends will be paid electronically on Thursday, September 5, 2024, to shareholders whose names appear on the Register of Members as at Friday, August 9, 2024.
According to the notice, the shareholders must have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts
“A final dividend of N1.80K for every share of N0.50K, subject to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on 9th day of August 2024”, Flour Mills of Nigeria said in the notice.
Driven by sustained demand across all its business segments, including during the fourth quarter, Flour Mills of Nigeria Plc group operating revenue grew to N2.3 trillion ($1.54 billion) for the fiscal year 2024 ended March 31, up 49 percent from N1.5 trillion the previous year.
Gross profit increased by 54 percent to N272 billion, reflecting effective portfolio management product innovations, pricing and cost optimization measures leading to 61 percent growth in operating profit to N208 billion, said FMN, the country’s leading food and agro-allied company and its largest flour miller.
After foreign currency exchange adjustments and taxes, profits were N3.5 billion in fiscal 2024, down 88 percent from N29.5 billion the previous year.
FMN’s performance was underpinned by strong revenue growth from Food, Agro-Allied, Sugar, and Support services segments.
The Food segment recorded a 51 percent increase in revenue to N1.5 trillion, driven by new product launches and category flavor extensions.
The Agro-Allied segment also increased revenue 17 percent to N332 billion and profit before tax by 4 percent to N14.3 billion.
The segment’s success was driven by larger export volumes, moderate price adjustments, and the introduction of new products in the Fertilizer business.
FMN noted the oil and fats business saw a 9 percent revenue increase, with export revenue soaring by 138 percent.
The animal feeds business experienced significant growth, with revenue and profits before tax increasing by 23 percent and 310 percent, respectively, following strengthened distributor partnerships, farmer training programs, and enhanced customer and credit support.
“Our consistent execution and growth underscores FMN’s financial and operational resilience,” said Boye Olusanya, group managing director/chief executive officer of FMN. “Despite the challenging economic environment, we have solidified our position as a market leader in the Food and Agro-allied sector, driven by innovative product offerings and efficient operations.”
A strong fourth quarter, including the acquisition of Port Harcourt Mills, helped to drive the full-year results, with a 72 percent increase in revenue, reaching N732.4 billion for the three months ended March 31, compared to N426 billion the previous year.