Flour Mills of Nigeria Plc (FMNPLC), leading integrated food business and agro-allied Group, and owners of the iconic brand, ‘Golden Penny,’ announced its 2021 Audited results for the period ended March 31st, 2021. The company recorded a revenue of N772 billion, an increase of 34% over N574 billion posted in the previous quarter.
Consequently, Profit After Tax (PAT) increased by 126%, growing from N11.38 billion to N25.72 billion in the period under review while its Profit before tax (PBT) grew by 116% to N37bn.
The cost of sales grew by 34% to N664.85 billion from N507.99 billion in the previous quarter. However, the company’s administrative expenses grew by 24%, from N29.05 billion in Q1 2021 to N23.34 billion.
Flour Mills of Nigeria’s net assets grew by 12% from N156bn to N175bn while its earnings per share of N6.38 Vs N2.25 YoY.
The Directors are pleased to recommend shareholders at the forthcoming annual general meeting the declaration of a total of N6.77 billion (2020: N5.74 Billion) representing a dividend of NI.65 (2020: N1.40) per ordinary share of 50 kobo each. This dividend, if approved, is s subject to deduction of appropriate withholding tax. The total shareholders’ fund was N174.6 billion.