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Flour Mills of Nigeria Plc posts Q2, 2018 results; reports N202.92 billion in revenue

Flour Mills of Nigeria Plc. (FMN) Group, the market leader in food and agro-allied products in Nigeria, today announces its unaudited half year results for six months ended 30th September 2018.

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Flour Mills Nigeria, FMN, Merger, Fertilizer

Flour Mills of Nigeria Plc. (FMN) Group, the market leader in food and agro-allied products in Nigeria, today announces its unaudited half year results for six months ended 30th September 2018.

Key Highlights

Group
  • The Group increased its market share in some product categories, in a somewhat
    challenging environment with lower consumer spending. The Group’s Revenues were
    N269.74 billion, compared to N298.44 billion of the same period last year, with an increase in the Group’s share of the market.
  • The Group recorded a 49% increase in selling and distribution expenses of N4.13 billion,
    compared to N2.77 billion of the same period last year, as it increased its marketing
    spend.
  • The Group recorded a growth in investment income of N290 million, a 6% increase
    when compared to N270 million of the same period as last year. The increase being
    attributed to short term investments.
  • The Group recorded a notable drop in its finance cost from N16.27 billion in Q2, 2017 to
    N11.23 billion in Q2, 2018. A 31% drop which is due to settlement of overdraft facilities
    and replacement of high interest yielding loan facilities with cheaper loan facilities.

Flour Mills of Nigeria Plc (The Company)
  • The Company, Flour Mills of Nigeria Plc recorded a revenue of N202.92 billion, compared
    to N216.77 billion of the same period last year. The 6% reduction in revenue is mainly due
    to a minor drop in sales volume which is precipitated by the persistent traffic challenges
    in Apapa.
  • Administrative expense was N7.55 billion, compared to N5.87 billion in the same period
    as last year. The 29% increase is mostly driven by increase in employee cost and other
    general expenses.

Commenting on the result, Paul Gbededo, the Group Managing Director said:
“In the face of persistent economic challenges and a difficult operating terrain, we continue
to pursue our growth strategy to gain market share in all key product segments. Operations in Apapa continues to suffer major setbacks in traffic and logistics challenges, impacting in a marginal drop in our volume and top line activities.

With improved marketing and promotional activities for most of the key food businesses, we envisage new gains in the remaining part of the year, as we continue to focus on innovative products that deliver on great consumer experience.”

About Flour Mills of Nigeria Plc

Incorporated in September 1960 and quoted on the Nigerian Stock Exchange since 1978, Flour Mills of Nigeria (FMN) Plc. is one of Nigeria’s leading food and agro-allied companies. With a broad basket of food products, an iconic brand “Golden Penny” and a robust pan-Nigerian production, distribution, and supply chain network, FMN is a fully integrated and diversified food and agro-allied group.

The FMN group strives in its mission to “Feed the Nation, Everyday” through its five core food
value chains: Grains, Sweeteners, Oils and Fats, Proteins, and Starches. FMN creates value
along the entire food chain with its “farm-to-table” model by providing inputs and know-how to farmers, aggregating and sourcing crops and raw materials to supply its world-class
processing facilities across Nigeria, and distributing its innovative food brands to its customers.

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More information can be found at www.fmnplc.com
Follow FMN, on Facebook, Instagram, LinkedIn, Twitter and YouTube

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Companies

Unilever announces the completion of its Group legal structure

Unilever PLC has announced the completion of the unification of its Group legal structure

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Unilever Overseas increases stake in Unilever Nigeria Plc

Unilever, the parent company of Unilever Nigeria Plc, has announced the completion of the unification of its Group legal structure under a single parent company, Unilever Plc.

According to the press release issued by the company, from today, 30th November 2020 and for the first time in its history, Unilever now trades with one market capitalisation, one class of shares, and one global pool of liquidity, whilst also maintaining the Group’s listings on the Amsterdam, London, and New York stock exchanges.

What they are saying

Nils Andersen, Chairman of Unilever, said: “This is an important day for Unilever and we would like to thank our shareholders for their strong support of our Unification proposals, which gives us greater flexibility for strategic portfolio change, remove complexity, and further improve governance.

There will be no change to the operations, locations, activities or staffing levels in either the Netherlands or the United Kingdom as a result of Unification. The headquarters of Unilever’s Foods & Refreshment Division will continue to be based in Rotterdam and the Home Care and Beauty & Personal Care Divisions will continue to be headquartered in the United Kingdom.”

What to expect

This development has no impact on the going concern of Unilever Nigeria Plc, the shareholding structure, as well as the free float shares of the company on NSE, which totals 1,491,985,247 — representing 25.97% of the ordinary shares of the company issued and fully paid for by investors.

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(READ MORE: Q1 2020 Unaudited Report: Unilever Nigeria records N13.3 billion revenue) 

However, upon the completion of the unification of the Group’s Legal Structure, Unilever overseas under this structure remains in control of the 74.03% ordinary shares of the Nigerian subsidiary.

What you should know

  • For investors on the London Stock Exchange, Euronext Amsterdam, and the New York Stock Exchange, dealings in new Unilever Plc shares commenced today, as the new Unilever Plc shares will be admitted to the Premium Listing segment of the Official List of the UK Financial Conduct Authority (“FCA”) and to trading on the London Stock Exchange’s Main Market for listed securities, with the ticker “ULVR”.
  • Unilever Plc shares will also be admitted to listing and to trading on Euronext in Amsterdam under the ticker “UNA” today. It is expected that Unilever Plc ADSs will be admitted to trading on the New York Stock Exchange this afternoon.
  • Following the issue and allotment of 1,460,713,122 new Unilever Plc shares pursuant to Unification, which represent 55.56% of the total number of Plc shares, Unilever Plc’s total issued ordinary share capital today consists of 2,629,243,772 ordinary shares of 3 1/9 pence each.
  • As part of Unification, Unilever NV ceased to exist yesterday, 29 November 2020, which means there has been no dealings and there will be no further dealings in any Unilever NV securities (including Unilever NV shares on Euronext in Amsterdam).

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Companies

Flour Mills GMD purchased additional shares worth N209.29 million in 3 days

Paul Miyonmide Gbedebo acquired 7,486,719 additional shares of Flour Mills, worth ₦209.3 million in 3 days.

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Flour Mill's profit after tax increases by 16.44% in H1 2019  

The Group Managing Director of Flour Mills Nigeria Plc (FMN), Paul Miyonmide Gbededo, purchased a total of 7,486,719 additional shares of the company, worth ₦209.29 million.

According to the notifications issued between 17th and 19th of November by the company’s Secretary, Mr Joseph Umolu, the GMD purchased the ordinary shares of Flour Mills Nigeria in this order:

  • On 17th November, 1,949,839 additional shares worth N54.59 million, at a price of N28.00 per share.
  • On 18th November, 4,200,852 additional shares worth N117.62 million, at a price of N28.00 per share.
  • On 19th November, 1,336,028 additional shares worth N37.07 million, at a price of N27.75 per share.

(READ MORE: Nestlé S.A buys shares of its Nigerian subsidiary worth ₦463.46 million in a week)

This brings the total number of shares of Flour Mills Nigeria Plc purchased by the GMD to 7,486,719. The total consideration for these shares is put at N209.29 million.

What you should know

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In line with the information contained in the financial statements of the company, as of 30th September 2020, Mr. Gbedebo had a direct shareholding of 2,720,109 shares.

Hence, with the 7,486,719 additional units acquired, his total shareholding now stands at 10,206,828 shares, which is worth N285.79 million at the current share price of N28.00.

What this means

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The purchase of the shares of Flour Mills Nigeria Plc further cements Mr. Paul Gbedebo’s position as one of its majority shareholders.

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Companies

ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020. 

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ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund (“Value Fund” or the “Fund”), formerly called the SIM Capital Alliance Value Fund, has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.

This is according to a notification by the firm, sent to the Nigerian Stock Exchange market and seen by Nairametrics.

The latest distribution indicates a decline of N1/unit when compared to its distribution in the corresponding period last year.

READ MORE: SEC reinstates DEAP Capital’s Board

The key highlights of the recent notification include:

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  • Annual General Meeting Date: 21st December 2020
  • AGM Venue: 33A Alfred Rewane (Kingsway) Road, Ikoyi, Lagos, Nigeria
  • Proposed Distribution: ₦10/unit
  • Qualification Date: 9th December 2020
  • Closure of Register Date: 10th December 2020
  • Payment Date: 23rd December 2020

READ: Exxon Mobil to cut 14,000 jobs as pandemic hit oil demand, prices

What you should know

  • The Value Fund is a closed-end Fund registered and regulated by the Securities and Exchange Commission (SEC), whose units are listed on the main board of the NSE.
  • The Value Fund for the year ended June 30, 2020 achieved a growth of 2.83% Year-on-Year, with a cumulative return of 125.32% since inception, which translates to a 9-year Internal Rate of Return (IRR) of 12.06%.

Explore Data on the Nairametrics Research Website

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