Flour Mills, WAPIC, Aiico issue bonus, dividends

Flour Mills, WAPIC, Aiico issue bonus, dividends

July 25, 2006/punch

 

 

 

Flour Mills Nigeria Plc had a successful financial year ended March 31, 2006 and has announced a dividend and bonus shares for the shareholders. Shareholders of WAPIC Insurance Plc are also to enjoy dividend and bonus shares, while Aiico Insurance Plc has announced only bonus issue. Julius Berger Nigeria Plc and PZ Industries Plc declared only dividends for their shareholders.


Flour Mills Nigeria Plc recorded a turnover of N86.6billion for the year ended March 31, 2006, showing an increase of 29 per cent from the N66.81billion posted in 2005.


Profit after tax rose by 213 per cent from 1.5billion in 2005 to N4.7billion recorded in 2005.


The directors have recommended a dividend of 85kobo per share and a bonus issue of one new share for every three shares already held. The dividend shows an increase of five kobo above the 70kobo paid last year.

The company has given August 7, 2006 as the date for the closure of its register. This implies that new investors who want to benefit from the dividends and bonus issues must buy into the firm before that day, while existing ones should hold on to their shares until after that date.

Stockbrokers’ reaction to the results lifted the equity price by 323kobo to close at N43.52 per share. Flour Mills’ price has rallied significantly this year, growing from a low N25 to N43.52 last week. It is believed that the stock will continue to attract price appreciation in the weeks ahead.

Despite a dip in the profit of WAPIC Insurance Plc, the company announced a dividend of 17.5kobo per share and a bonus issue of one new share for five shares already held. WAPIC’s gross earnings dropped by 24 per cent from N1.7billion for the year ended February 28, 2005 to N1.3billion in 2006. Net profit depreciated by 27 per cent from N328million in 2005 to N239million in 2006.


PZ Industries Plc also witnessed marginal dip in net profit for its year ended May 31, 2006 as it recorded a profit of N3.24billion compared with N3.3billion recorded in 2005.

However, the directors have recommended a dividend of 69kobo per share. Although the profit is higher than what the company projected when it approached existing investors for funds in February, the dividend fell below what was projected.

The company projected a net profit of N3.15billion and a dividend of 74 kobo per share. Shares of PZ Industries dropped by 61 kobo to close at N21.49 per share.


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