• Business - Companies
  • Updated: August 10, 2021

Flour Mills of Nigeria Declares Final Dividend Of N6.8 billion For 2020

Flour Mills of Nigeria Declares Final Dividend Of N6.8 billi

The Board of Flour Mills of Nigeria Plc (FMN), has announced the payment of N6.8 billion to its shareholders as the final dividend for the period ended 31st of March 2021.

According to a notice filed with the Nigerian Exchange Limited (NGX), the leading food and agro-allied company is expected to pay a final dividend of N1.65 per share on all the outstanding 4,100,379,605 ordinary shares of the company. This brings the total dividend payout to qualified shareholders to N6.8 billion.

In addition, the notice also revealed that the dividend will be paid electronically to shareholders on the 9th of September, 2021, subject to appropriate withholding tax and approval at the Company’s Annual General Meeting scheduled to hold on the 8th of September, 2021 at Eko Hotels and Suites, Lagos.

To qualify for participation, shareholders must meet the following requirements;

  • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Atlas Registrars Limited) to pay their dividends directly into their bank accounts.
  • Only shareholders whose names appear on the Register of Members as at the close of business on the 13th of August, 2021 will be considered
  • In light of the above, the Register of Members will be closed from Monday 16th of August to Friday 20th of August, 2021.

It is pertinent to note that the recent dividend declaration of N1.65 per share is 18% higher than the final dividend declared in the corresponding period of last year (FY 2019: N1.40 per share).

Flour Mills of Nigeria Plc declared in its audited financial statements for 2020, that it made a profit after tax of N25.72 billion, indicating a surge of about 126% when compared with 2019 figures.

Consequently, the company’s earnings per share (EPS) during the period under review advanced by 183.6% YoY to print at N6.38.

As of the period of reporting this, Flour Mills of Nigeria Plc currently trades at N29.60 per share on the floor of the Nigerian Exchange Limited (NGX).

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