Shareholders of Flour Mills of Nigeria (FMN) Plc, have approved a dividend payout of N2.624 billion which translated to one naira per ordinary share of 50 kobo.
Chairman of the firm, John Coumantaros however lamented the glitches that manufacturing industries are facing in Nigeria, saying persistent decline in the exchange value of Naira, among others, contributed to the rise in cost of imported raw and packaging materials.
Speaking at the the company’s 57th Annual General Meeting (AGM) of the company in Lagos on Wednesday, Coumantaros, said in spite of the challenges, the board of the company would ensure continued value appreciation.
Coumantaros said; “We are determined to continue to ensure that our investments and processes aside from ensuring value for shareholders and other stakeholders, continue to enrich the lives of our customers, farmers, suppliers and other relevant stakeholders.”
He however noted that in the face of the challenges, the company was determined to continue to work assiduously to mitigate the effects on its operations, as the company “is unrelenting in its drive of being the leading food and agro-allied group in Africa.”
On the financial result for the year 31 March, 2017, the Chairman noted that FMN Plc increased its revenue by 51 per cent at N375 billion as against N248 billion recorded in 2016. The Company’s Profit Before Tax also grew 77 per cent over N6.2 billion posted last year.
According to the Chairman, “The performance is attributable to better price management and improved cost control. The strong improvement in revenue and profitability was primarily driven by volume growth and selling price increases needed to offset higher import costs as a result of 60 per cent devaluation of the Naira during the year”
