Flour Mills of Nigeria Plc, on Friday, announced a profit of N14.42 billion for the financial year ended March 31, 2016.
The News Agency of Nigeria (NAN) 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.
NAN 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. (NAN)