Flour mills of Nigeria Plc (FMN), has announced that investment in its three key segments achieved a strong growth that pushed the company’s Profit After Tax (PAT) to N11.4 billion, representing 184 per cent rise.
Specifically, the firm’s audited result for the year ended December 31, 2019, indicated that profit before tax increased by 72 per cent to N17.5 billion, while PAT nearly tripled from N4.0 billion last year to N11.4 billion in the current year.
Reviewing performance at the 60th yearly general meeting in Lagos at the weekend, the FMN Chairman, John Coumantaros, attributed the improved records to the agro-allied food and sugar businesses, which were in line with the strategy to continue to grow shareholders’ wealth.
According to him, the Group also realised a revenue growth of nine per cent year-on-year to N574 billion.
Profit Before Tax (PBT), also increased 72 per cent to N17.5 billion while our Profit After Tax nearly tripled from N4.0 billion last year to N11.4 billion in the current year.
Besides, shareholders at the meeting approved a dividend of N1.40kobo for every ordinary share of 50 kobo, an increase of 17 per cent over the N1.20kobo posted in the previous year.
He pointed out that the group’s investment in local content and value addition areas make it well-positioned for further profitable growth.
He added that FMN has continued to realign and reposition its businesses to effectively adapt to the changing landscape of the consumer market in Nigeria.
“As a leader in the foods and agro-allied industry, we understand that our consumers expect us to continue to meet their expectations for quality even as their tastes, hobbies and lifestyles evolve,” he added.
The company’s Group Managing Director, Paul Gbededo, described the performance as remarkable and assured investors of continued improvement.
He said FMN would continue to focus on increasing operational efficiency within the group as well as implement accelerated cost optimisation plans across all businesses to ensure profitability in the new operating environment.