Finance

Flour Mills shareholders approve N2.15 dividend, back directors to raise fresh capital

Flour Mills records 38% revenue growth

Shareholders of Flour Mills (FMN) of Nigeria have approved the management’s N2.15 dividend for 2022 financial year  at the company’s 62nd Annual General Meeting (AGM) in Lagos. The meeting also featured the presentation of the Audited Financial Statements for the year ended March 31, 2022. 

Other resolutions reached by the shareholders at the meeting was to authorise the directors to raise additional capital for the company. 

Joining shareholders at the event, former national leader, Independent Shareholders Association of Nigeria, Sunny Nwosu, commended effort of the company’s directors. He described the performance of the company in the year under review as a remarkable with turnover crossing the N1trillion mark. 

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He however requested that shareholders be paid a bonus from the improved performance of the company over the years. Nwosu noted that the last bonus paid was in 2015. “The 2022 financial performance of FMN was impressive and we hope it is maintained in coming years. A bonus was paid last in 2015 and it does not cost the management anything to give shareholders bonus.” He declared the shareholder’s support to the management and directors to raise additional capital for the company so as to keep expanding its operations and meeting the demands of its consumers. 

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The Chairman of FMN, Mr John Coumantaros, who was represented by Vice- Chairman, Mr. Paul Gbededo, noted that the group delivered yet another impressive performance in the market despite the challenges witnessed in the global economy as a result of the prolonged coronavirus pandemic and worsened by the Russia – Ukraine crises. He noted the peculiarity of challenges faced by businesses and consumers in Africa over the volatility of the global economy but reiterated the group’s commitment to providing sustainable interventions.  He said, “Our group aims to counteract some of these headwinds by remaining committed to increasing the local content of its inputs and outputs. Undoubtedly, the need to add value further upstream on the supply chain and lessen dependency on imported raw materials has become more crucial.

“The vision of the company is to be the leading food and agro allied business in Africa and our focus is to keep feeding the nation every day. Whatever we do takes from that purpose. We are looking to turn the supply chain inwards by ensuring that our raw materials are aggregated and sourced locally”.

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