From Ngozi Onyeakusi, Lagos
Flour Mills of Nigeria Plc. (FMN) one of the leading food and agro-allied companies in the country has ensured its esteemed shareholders of continues returns on their investments made into the company.
Speaking yesterday at the Nigeria Stock Exchange while presenting the Company’s Facts Behind the Figure, the Group Managing Director, Mr Paul Gbededo stated that the company will be rewarding its shareholder with N2.10 per share for every share held by investor and a bonus of one per every 10 share for the financial year ended 31st March, 2014.
The dividend and bonus payment which showed 45 per increase over the figures of the last four years is subject to shareholders approval at the company’s forthcoming annual general meeting.
According to him, it has been the culture of FMN to ensure that shareholders of the company are made happy by rewarding them handsomely for the investments they made into the company adding that the firm had been consistent in its dividend payment policy for the past 23 years.
Gbededo pointed out that the firm delivered N246 billion revenue for the year ended 31st March, 2014 , profit after tax of N10.4 billion while profit for the year went up by 22.4 per cent and earning per share as well increased by 29.2 per cent .
He explained that firms growth strategies was being driven by huge potentials provided by the Nigerian teeming population at excess of 174 million which grows at 2.5 per cent, growth in GDP and continuous increase in the demand for food, insisting that hence there is increase in the population, increase in the demand for food will equally remained inevitable.
The 54 year old company which has its shares listed on the NSE in 1978 with a paid up share capital of N1.19 billion and market capitalization of N155.1 billion as at 31st March, 2014 said it witnessed major strategic investment in milling technology and gained accreditation to quality Standard ISO 900 :2008, recognizing that its manufacturing facilities are world class and operating with an internationally recognized quality system.
Other laudable developments and investment by the company include merger with its subsidiary, Nigerian Bag Manufacturing Company Plc., merger with the Nigeria Mills Company Limited Calabar , investment of over $65 million in West Mills among others.