Northern Nigeria Flour Mills Plc has announced a turnover of N8.533 billion in its audited result for the year ended 31st March 2009
According to the results, the figure reflected an increase by 55%, over the N5.501 billion in 2008.
The leading flour miller in the North also achieved a significant feat in its profit after tax, which improved by 310% to N236.3 million, compared with N57.6 million in 2008.
As a result of the performance, the Company's board of directors have recommended a dividend of 40 kobo per share to its shareholders, with a closure date of September 21, 2009 and payment date of October 30, 2009.
A cursory look at the Company's earnings showed that it had been on the part of growth over the years. Its Q3 earnings report for the period ended 31st December 2008 highlighted significant improvement in its key financial index.
It recorded a turnover of N6.6 billion then, compared with N3.75 billion recorded in same period of 2007. Itsprofit after tax grew from N85.6 million in 2007 to N99.4 million in 2008.
The management of the company has adopted strategies to substantially upgrade its production capacity so as to meet its increasing demand for its products.
NNFM is a subsidiary of Flour Mills Nigeria Plc, which has substantial interest in others industries such as Apapa Bulk Terminal Limited, Flour Mills Registrars Limited, Golden Shipping Company Nigeria Limited, Golden Pasta Company Limited, Niger Mills Company Limited, Nigerian Bag Manufacturing Company Plc, United Cement Company of Nigeria Limited, among others.
Its share price has been stagnant at N18.88 per share since 24th July, 2009.