Flour Mills Nigeria Plc has posted a profit- after – tax growth of 54.09 per cent in its audited financial result for the year ended March 31, 2018.
The company also recommended to shareholders at the forthcoming annual general meeting the declaration of a total of N4.10 billion, representing a dividend of N1 per share.
The company’s results for the period under review on the Nigerian Stock Exchange (NSE), yesterday showed that the profit -after – tax appreciated to N13.62 billion from N8.84 billion in 2017, while earnings per share rose by 54.09 per cent to N3.32 from N2.16.
The company’s revenue grew by 3.47 per cent to N542.67 billion as against N524.46 billion achieved in 2017.
Cost of sales was up by 3.52 per cent from N457.78 billion toN473.9 billion in 2018, while gross profit rose to N68.78 billion from N66.69 billion.
The company said that its operating profit stood at N48.42 billion from N41.44 billion, investment income declined to N816.32 million compared to N1.56 billion in 2017, while finance costs went up to N32.7 billion as against N32.53 billion in 2017.
Total assets decline by 15.39 per cent to N408.35 billion from N482.6 billion, while total liabilities also fell by 32.19 per cent from N380.1 billion at the year ended 2017 to N257.73 billion in 2018.
Speaking at the 57th Annual General Meeting (AGM), last year, chairman of Flour Mills, Mr. John Coumantaros, said the company would continue to make investors smile.
He attributed the progress made by the firm to better price management and improved cost control, promising that the management would not rest on its oars.
According to him, the company would continue to improve and re-engineer its existing product range in the market to make them market leaders.
Flour Mills of Nigeria Plc was incorporated as a private limited company on September 29, 1960 and was converted to a public liability firm in November 1978.
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