FMN proposes N 1 dividend on PAT of N 11.48 billion

Flour Mills of Nigeria Plc ( FLOURMILL ) has proposed a dividend of N 1 per unit for the full year 2015-16 ended March 31 2016. The dividend is sharply lower than the N 2.1 the Company paid during the previous year.

FLOURMILL reported its annual results which showed that revenue grew 8% to N 342.5 billion for the group in 2016. Gross profit rose to N 37.6 billion. 

Profit before tax rose to 11.48 billion in 2016 from N 7.72 billion in 2015. Profit after tax rose to N 14.42 billion in 2016 from N 8.47 billion in 2015. The company reported a blended exchange rate of N 295 to 1 USD and that had an adverse affect on the profitability of the Company. 

Shares of FLOURMILL declined to N 21.45 per unit at the Nigerian Stock Exchange in Lagos. Shares of FLOURMILL are among the worst stocks to own over the past 1 year having lost more than 50% of their value.