Table of Contents
The board of directors of Nigeria’s largest flour miller, Flour Mills of Nigeria Plc, has declared a dividend of $16.44 million payable to shareholders on Sept. 9.
According to a corporate announcement issued on the website of the Nigerian Exchange on Aug. 10, the food and agro-allied group revealed that it will pay a final dividend of N1.65 ($0.0040) per share on all of its 4.1 billion issued shares.
This translates to a total dividend pay-out of N6.77 billion ($16.44 million) and a dividend yield of 5.55 percent of its share price of N29.75 ($0.07228).
Coumanataros, the chairman of Flour Mills, who owns a majority 63.34-percent stake in the group, is expected to pocket a dividend of N4.29 billion ($10.43 million) from his equity position.
Flour Mills of Nigeria is the biggest flour miller in Nigeria, and one of the largest food and agro-allied groups in the country.
Its operations can be categorized into four major sectors, including food, sugar, agro-allied and support services.
At the end of its 2020-2021 financial year, it posted a profit of N25.7 billion ($62.44 million), 127-percent higher than its profit of N11.4 billion ($27.69 million) in the 2019-2020 financial year.
This came on the back of growth in its top-line across all business segments.
The group’s revenue and profits were aided by gains from its agro-allied business, which benefited from a turnaround strategy in its backward integration program and strategic partnerships with smallholder farmers.
Meanwhile, its food business grew organically driven by a surge in demand and product innovation and transformation into new markets.
It noted that its strong performance in the year was delivered by operational efficiency through route-to-market investments and rapid expansion in the business-to-consumers sectors.
As of press time 9:00 AM (UTC), Aug. 11, shares in the group were trading at N29.75 ($0.07228), 14.45-percent higher than its opening price for the year.
The company’s market capitalization on the Nigerian Exchange as of the drafting of this report is N119.73 billion ($290.92 million).
The intelligence satisfies curiosity. The paid briefings satisfy strategy.
Every Monday, Elite subscribers receive an Investor Memo breaking down the deal, the structure and the positioning behind the week's most consequential African wealth story - the kind of analysis that doesn't appear anywhere else.
Twice a month, a Wealth Intelligence brief profiles a single billionaire's holdings, cash flows and expansion pipeline in detail no public source matches.
→ Executive ($25/mo): Daily newsletter + Deep-Dive Reports
→ Elite ($75/mo): Everything above + Investor Memos + Wealth Intelligence + Quarterly Analyst Briefings
Subscribe now
