The shareholders of Flour Mills of Nigeria (FMN) Plc have approved a dividend pay-out of N1.65 per share, amounting to a total of N6.766 billion for the 2020/2021 financial year.
The shareholders gave their approval at the company 61st annual general meeting held in Lagos in accordance with COVID-19 protocol. Speaking, the chairman of Flour Mills, John Coumantaros, said despite the current COVID-19 harsh environment, the group delivered an impressive year-over-year top-line growth with an average revenue rise of 34 per cent across all business categories.
He said: “Our agro-allied turnaround strategy coupled with the Group’s investments in lucrative local content and route to market activities, particularly in the B2C segment, resulted in an increase in profit before tax of N13.4 billion from a break-even situation in the same period last year.”
He said that the directors proposed the payment of a dividend of N1.65 per share, a 17 per cent increase over last year, saying that to complement growth strategy, management was keeping reserves to fund additional investments in important business categories, such as local content creation and the company’s B2C route to market strategy.
He further said that the food division is focused on the continued execution of its objective to double the operating profit in five years, saying that the key pillars of the Company’s strategy are the expansion of the consumer business by driving existing categories harder, accessing new ones, with an enhanced innovation capability, investment in a winning Route to Consumer, and maximizing value creation in B2B and B2C businesses.
Looking ahead, Coumantaros stated that the Company will continue to act with disciplined and focused investment to deliver superior, long term growth so that we can emerge stronger.
“We will continue to implement our overarching long-term strategy on local content and value additions as our group stays guided by its purpose of ‘Feeding the Nation Everyday”