Flour Mills Grows 2021 Net Profit By 116%, Offers N1.65 Dividend/Share
Investors are expected to react Wednesday to the audited result of Flour Mills of Nigeria Plc for the year ended March 31, 2021, submitted after trading hours Tuesday, highlights of which showed that net profit soared by 126%, significantly faster than the 34% growth in revenue within the period and 97% jump in net income tax for the period, following which dividend per share was increased by 18%. According to the report submitted to the Nigerian Exchange (NGX), revenue for the period improved from N573.774bn in the corresponding period of 2020, to N771.607bn, of this amount, cost of sales grew from N573.774bn to N664.85bn; resulting in gross profit of N106.757bn, an increase from N65.787bn. A breakdown of the revenue showed that sale of goods fetched a total of N742.409bn, from N561.447bn; while rendering of services contributed N29.198bn, up from N12.327bn; with the food segment contributing N478.331bn, as against the previous N358.353bn; followed by agro allied (comprising Gol...