Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business News

2018 FY: Flour Mills’ shareholders unanimously endorse N4.92 billion dividend 

The shareholders of Flour Mills Plc have unanimously approved the payment of N1.20k per share dividend, amounting to N4.92 billion for the 2018 financial year.

Published

on

Flour Mills of Nigeria Plc, 2018 FY: Flour Mills’ shareholders unanimously endorse N4.92 billion dividend , FMN redeems N1 billion pledge to CACOVID relief fund, donates $1.5 million worth of medical supplies

The shareholders of Flour Mills Plc have unanimously approved the payment of N1.20k per share dividend, amounting to N4.92 billion for the 2018 financial year. The dividend payment represents a 142% increase compared to the N2.03 billion paid in the 2017 financial period. 

The shareholders gave their approval at the company’s recently held Annual General Meeting (AGM). 

Nairametrics understands that the company increased its dividend payment despite the economic headwinds that challenged key sectors of the country. 

[READ MORE: Access Bank’s shareholders to get N9 billion interim dividend]

Speaking on the dividend, Chairman, Flour Mills, John Coumantaros, Flour Mills’ Board recognises the importance of dividends and the need to generate returns for shareholders, hence, the increase in dividend.

Coumantaros added that the company had continued to make inroads into the Nigerian market, using innovation as a foundation in their quest to delivering quality and creating value for consumers, customers, and key stakeholders.

A look into Flour Mills of Nigeria Plc’s 2018 fiscal year: For the year ended March 31, 2019, the company’s turnover dropped from N542.67 billion in 2018 to N527.40 billion in 2019. Gross profit dropped from N68.8 billion in 2018 to N53.3 billion in 2019. 

More so, profit before tax declined to N10.17 billion in 2019 from N16.54 billion in 2018. After taxes, net profit dropped to N4 billion in 2019 from N13.6 billion in 2018. Consequently, earnings per share dropped from N4.83 in 2018 to N1 in 2019. 

[READ ALSO: Faltering Guinness pays bumper dividends but Diageo rakes in billions in royalties]

Laudable highlights: From information contained in its financial statement, the company’s finance costs fell by 30% to N22.9 billion in 2019 from N32.7 billion in 2018 and N32.5 billion in 2017.

According to the investor presentation on its website, the company said: “Flour Mills will continue active balance sheet management and the objective is to achieve an additional reduction in finance costs in the current year”.

READ FURTHER: Unclaimed dividends: SEC wades in, reduces processing time to 1 week for beneficiaries

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

Published

on

Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

Hotflex

In case you missed it

The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

Continue Reading

Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

Published

on

A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

Hotflex

Details later…

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.