Flour Mills of Nigeria (FMN) Plc has proposed a total dividend of N8.8 billion for the 2022 financial year. As against N6.8 billion recorded in 2021.
The dividend represents N2.15 per share, a 30% growth over last year. They made the disclosure at analyst/investor call conference to review its full year 2022 results.
What they are saying
According to the company, “Flour Mills of Nigeria Plc in FY’22 demonstrated solid performance across Food, Agro-Allied and Support Segments delivering topline growth of 57% in Q4 and 51% in FY22. “Significant increase in international food prices and input costs impact gross margin. Wheat and sugar costs increase by over 30% and 20% respectively.
Animal feeds business recorded 49% growth largely due to product innovation and investments in logistics infrastructure. While the fertilizer business expanded with a new blending plant in Kaduna state. Contributing 89% and 21% growth in revenue and volume respectively.
Key highlights
Total proposed dividend of N8.8bn vs N6.8bn last year, subject to AGM ratification.
Proposed dividend: N2.15 per share; representing a 30% growth vs LY (compared to an 18% growth in FY’21 and a 17% growth in FY’20).
Profit before tax stood at N41 billion in 2022 from N37 billion in 2021.
Profit for the year was N28 billion in 2022 from N26 billion in 2021.
Total assets hit N667 billion in 2022 from N544 billion in 2021.
-Punch.
