Business
Dangote Flour Mills: Shareholders Approve 20k Dividend
Following the impressive result posted by Dangote Flour Mills, a dividend of 20 Kobo per share was approved by the shareholders of the company last week in Lagos during the company Annual General Meeting.
Dangote Flour Group has announced a net profit of N2.9 billion for the year ending December 31, 2008, representing a 400 per cent increase compared to N561.55 million posted in 2007. Its turnover increased from N43.13 billion to N47.92 billion from 2007 to 2008 financial year.
Group profits in 2008 also leaped from N676 million in 2007 to N3.2 billion in 2008 implying N1.4 billion group attributable profits from subsidiaries.
The expansion plan is boosted by the group’s recent unaudited result for the nine-month period ending September 30, 2009 indicating some exiting prospects. The results show that turnover for the period was N46.95 billion surpassing the whole turnover realised in the financial year of 2008. Profits after tax for the nine month period were N7.6 billion, an increase of 155 per cent over the financial year 2008.
As such, the group is proposing an interim dividend of 30 Kobo per share based on the nine months unaudited accounts of the group for the period ended September 2009. Taking a peep into some of the challenges the global environment may pose to the company in the year ahead.
According to Ahaji Aliko Dangote, chairman of the company, said he is confident that the group is financially well insulated to cope with any challenges that may arise from these crises.
Dangote noted that the year 2008 did not go without the usual business challenges, some of which include; increase of the prices of raw materials and the inability of the company to pass on these increases to the consumers.
He stress that the financial year under-review was difficult for businesses both globally and locally, as the global financial meltdown imposed challenges on the business environment through reduced access to both local and foreign capital, reduced purchasing power and sustained high price of wheat.
“The strategy adopted by the flour giant to overcome the difficult operating environment was to focus on internal efficiency to cut down on other areas of costs, the effect of which made the company profit before taxation to increase from N376 million in 2007 to N1.8 billion,” he said.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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