Connect with us

Business

Flour Mills Posts N258bn Turnover

Published

13 years ago

on

The management of Flour Mills of Nigeria Plc, has declared a turnover of about N258.3 billion for a year which ended March 31, 2012, which shows an increase from N238.8 billion declared last year.  Presenting its result to the Nigerian Stock Exchange (NSE), the company explained that it has proposed to reward shareholders with N1.60 kobo, while the yearly general meeting is scheduled to hold September 12, 2012, as profit afters tax dropped from N9.450 billion in the previous year to N8.377 billion as at March 2012.

According to the result, cost of sales is N218.702billion as against N198.612 billion in 2011, while distribution, selling and administration expenses stood at N21.182 billion.

Making reference to its balance sheet, the board puts property, plant and equipment within the period at N103.744 billion, as against N71.802 billion in the previous year.

Working capital was put at N32.532billion from N18.406 billion, leaving net assets at N82.341 billion, against N49.995 billion

Meanwhile, NSE has explained its biannual review for the NSE 30 and the four sectoral indices of the Exchange- the NSE Banking, the NSE Consumer Goods, the NSE Oil and Gas and the NSE Insurance. The composition of these indices after the review took effect from yesterday.

The review, which was undertaken in collaboration with global financial data giant, Bloomberg Incorporated, saw the entry of some major companies and exit of others.

According to information made available, the Nigerian bourse began publishing the NSE 30 index in February 2009 with index values available from January 1, 2007.

On July 1, 2008, the NSE developed four sectorial indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors.

The sectoral indices comprise of the top 10 most capitalised and liquid companies in the Banking, Insurance and Food/Beverage and Tobacco (now Consumer Goods) sectors and the top five most capitalised and liquid companies in the Oil and Gas (Petroleum Marketing) sector.

The indices, which were developed using the market capitalisation methodology, are rebalanced on a biannual basis  on the first business day in January and in July.

As the Index Committee explained, “the NSE 30 is a modified market capitalisation index based on the following methodology: The number of stocks is fixed at 30; the stocks are picked based on their liquidity, that is, the average daily value of three months is used as liquidity criteria; no sector can have a weighting of more than 40 per cent. No sector can have a weighting of less than two per cent and no individual listed equity can have a weighting of more than 20 per cent.

“Sectoral indices have the following methodology: The number of stocks is fixed at 10; excluding the oil and gas index which is fixed at five. The eligible equity universe is the top 10 most liquid companies in the sector; with the exception of the oil and gas index, where the eligible equity universe is the top five most liquid companies.

“Average daily three months volume is used as liquidity criteria for the sector shares and no company can have a weighting of more than 50 per cent”.

Related Topics:
Continue Reading

Business

NPA Assures On Staff Welfare 

Published

1 week ago

on

June 27, 2025

By

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

1 week ago

on

June 27, 2025

By

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

1 week ago

on

June 27, 2025

By

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending