Business
Flour Mills Posts N14.42bn Profit
Flour Mills of Nigeria Plc,
has recently, announced a profit of N14.42 billion for the financial year ended March 31, 2016.
Our correspondent reports that this was in contrast with N8.47 billion recorded in 2015.
The report is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) in Lagos.
The profit represented a growth of N5.95 billion or 70 per cent when compared with figure for 2015.
Its profit before tax stood at N11.49 billion against N10.22 billion posted in the comparative period of 2015.
The profit before tax represented a growth of 12.47 per cent when compared with figure for 2015.
The company’s revenue stood at N342.59 billion against N308.76 billion achieved in 2015, representing a growth of 10.96 per cent.
The Tide reports that total comprehensive income rose to N13.86 billion against N8.87 billion in the corresponding period.
The board of directors declared a total dividend of N2.62 billion, translating to N1 per share against N5.5 billion representing N2.10 per ordinary share of 50k each paid in 2015.
The company attributed the result to gradual increase in selling prices of its products in spite of strong economic headwinds and tough business environment.
“The strong improvement in revenue and profitability was primarily driven by volume growth and efficiency gains, while benefits arising from sale of investment in our associate company, UNICEM, helped to improve the bottom line,” said the company
It said that the management was determined to further restructure the company’s operations, streamline business operations to focus on core business and constantly monitor and manage costs to hedge against further economic challenges.
“It is also noteworthy that management is resolute in ensuring that sustainable returns and dividends from the group’s agro allied investments are properly harnessed by maximising local content in the group’s products, bye-products and processes.
‘’Our confidence in the future prospect of our company is demonstrated by the fact that despite daunting economic challenges to our business, our directors are proposing to our shareholders a dividend of N2.62 billion,” it said.
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.