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Flour Mills increases div by 11% in year 2008 FYE

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Flour Mills increases div by 11% in year 2008 FYE

- Proposes N1.00

 

PETER OBIORA

Proshare NI

September 03, 2008 at 19:50 GMT

 

Flour Mills of Nigeria Plc has increased its dividend payout to investors by 11 percent in its 2008 Financial Year End (FYE).

 

This was contained in a financial document made available to Proshare NI today in Lagos Nigeria at the company’s Pre-Annual General Meeting (AGM).

 

Emmanuel Ukpabi, Managing Director (MD) of the company affirmed that the company has proposed a N1.00 (100Kobo) dividend in year 2008 FYE compared to the 90 Kobo dividend it gave in year 2007 FYE indicating an increase of 11 percent in the review period.

 

“The amount proposed translates to a dividend of 100 kobo per Ordinary Share of 50 Kobo each compared to 90 Kobo in year 2007. The increase reflects the Board’s confidence in our business growth” Ukpabi said.

 

This amounts to N1.553 billion in year 2008 compared to N1.397 billion in year 2007.

 

In the same vein, Flour Mills Turnover increased to N104.051 billion in year 2008 from N91.1 billion in year 2007, showing an increase of 14 percent in the review period.

 

However, Profit before Tax (PBT) declined slightly from N7.3 billion in year 2007 to N7.1 billion in year 2008 indicating a decline of 3.0 percent.

 

While Profit after Tax (PAT) also dropped from N5.1 billion in year 2007 to N4.3 billion in year 2008 representing a drop of 19 percent in the review period.

 

The above, the company attributed to the effect of last year tax adjustments.

 

Also Flour Mills has proposed to capitalise the sum of N77.653 million by transferring same from General Reserve.

 

If the above is approved by the Board of the company, a bonus issue of one new Ordinary Share of 50 Kobo each for every 10 Ordinary Shares of 50 Kobo each would be allotted to members.

 

Flour Mills 48th AGM is expected to hold on September 08, 2008.



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