Flour Mills of Nigeria Plc,
\nhas recently, announced a profit of N14.42 billion for the financial year ended March 31, 2016.
\nOur correspondent reports that this was in contrast with N8.47 billion recorded in 2015.
\nThe report is contained in the company\u2019s audited result released by the Nigerian Stock Exchange (NSE) in Lagos.
\nThe profit represented a growth of N5.95 billion or 70 per cent when compared with figure for 2015.
\nIts profit before tax stood at N11.49 billion against N10.22 billion posted in the comparative period of 2015.
\nThe profit before tax represented a growth of 12.47 per cent when compared with figure for 2015.
\nThe company\u2019s revenue stood at N342.59 billion against N308.76 billion achieved in 2015, representing a growth of 10.96 per cent.
\nThe Tide reports that total comprehensive income rose to N13.86 billion against N8.87 billion in the corresponding period.
\nThe board of directors declared a total dividend of N2.62 billion, translating to N1 per share against N5.5 billion representing N2.10 per ordinary share of 50k each paid in 2015.
\nThe company attributed the result to gradual increase in selling prices of its products in spite of strong economic headwinds and tough business environment.
\n\u201cThe strong improvement in revenue and profitability was primarily driven by volume growth and efficiency gains, while benefits arising from sale of investment in our associate company, UNICEM, helped to improve the bottom line,\u201d said the company
\nIt said that the management was determined to further restructure the company\u2019s operations, streamline business operations to focus on core business and constantly monitor and manage costs to hedge against further economic challenges.
\n\u201cIt is also noteworthy that management is resolute in ensuring that sustainable returns and dividends from the group\u2019s agro allied investments are properly harnessed by maximising local content in the group\u2019s products, bye-products and processes.
\n\u2018\u2019Our confidence in the future prospect of our company is demonstrated by the fact that despite daunting economic challenges to our business, our directors are proposing to our shareholders a dividend of N2.62 billion,\u201d it said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Flour Mills of Nigeria Plc, has recently, announced a profit of N14.42 billion for the financial year ended March 31, 2016. Our correspondent reports that this was in contrast with N8.47 billion recorded in 2015. The report is contained in the company\u2019s audited result released by the Nigerian Stock Exchange (NSE) in Lagos. The profit […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[],"yoast_head":"\n