Flour Mills Records N11.4bn Profit, Recommends N1.40 Dividend

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Goddy Egene

Flour Mills of Nigeria (FMN) Plc has announced a dividend of N1.40 per share 50 kobo share for the year ended March 30, 2020, showing increase of 17 per cent compared with N1.40 paid the previous year.

FMN recorded a revenue of N573.774 billion, indicating a growth of 8.8 per cent from N527.405 billion in 2019. However, FMN Plc’s bottom-line got a boost due to decline of 20.5 per cent in net finance cost, which fell from N22.123 billion to N19.975 billion. Profit before tax (PBT) grew by 72 per cent from N10.174 billion to N17.497 billion, while profit after tax (PAT) grew faster by 184 per cent from N4.0 billion to N11.4 billion. Based on the performance, the board recommended a dividend of N1.40, up from N1.20 paid the previous year.