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Flour Mills declares N1 dividend, one for 10 bonus

Category: Capital Market

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Flour Mills declares N1 dividend, one for 10 bonus

Jul 14, 2010 By Michael Eboh & Providence Obuh

Flour Mills Nigeria Plc has announced a dividend of N2.00 per share and a bonus of one ordinary share for every 10 ordinary shares held by its shareholders in its 2010 financial year.According to its audited results for the year ended, March 31, 2010, the distribution was based on a significant improvement in it top and bottom line performances.

Its turnover appreciated by 14.74 per cent to N206.61 billion from N180.07 billion recorded in its 2009 financial year, profit before tax stood at N24.44 billion, rising by 105.09 per cent from N11.92 billion recorded in 2009, while its profit after tax rose by 335.54 per cent to N16.95 billion compared to N3.89 billion recorded in 2009.The improvement in its bottom line is as a result of the absence of an exceptional items, as a against an exceptional item of N6.45 billion in 2009.

Also, United Bank for Africa Plc continued its impressive financial performance after a series of poor showings last year.In its unaudited financial statement for the second quarter ended, June 30, 2010, the bank posted a profit before tax and extraordinary items of N12.16 billion compared to N2.58 billion in 2009, while its profit after tax stood at N4.85 billion compared to a loss after tax of N3.94 billion in 2009.

However, its gross earnings dropped by 14.07 per cent to N93.66 billion compared to N108.99 billion in 2009.Meanwhile, tough times await shareholders of West African Glass Industry Plc, as the company posted a loss after tax of N150.53 million in its audited financial result for the year ended, December 31, 2008, compared to a loss after tax of N360.14 million in its 2007 financial performance.

However, the company’s turnover grew by 18.78 per cent to N1.69 billion compared to a turnover of N1.42 billion in 2007, while it recorded a loss before tax of N134.35 billion.




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