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Flour Mills increases dividend by 11%

Category: Corporate Earnings

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Flour Mills increases dividend by 11%

September 11 , 2008 /Businessday Newspaper


Flour Mills of Nigeria plc has increased its dividend payout to investors by 11 percent in its 2008 financial year end. Speaking at the company’s pre-annual general meeting in Lagos, Emmanuel Ukpabi, managing director of the company disclosed that the company has proposed a N1.00 dividend in 2008 compared to the 90 Kobo dividend it gave in 2007. This indicates 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. Cumulative amounts to N1.553 billion in year 2008 compared to N1.397 billion in year 2007.The company’s turnover increased to N104.051 billion in 2008 from N91.1 billion in 2007, showing an increase of 14 percent in the review period.


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


Similarly, profit after tax (PAT) dropped from N5.1 billion in 2007 to N4.3 billion in 2008 representing a drop of 19 percent in the review period. The company attributed drop in profits to the effect of last year’s tax adjustments.


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