N8.8 Billion Dividend Approved For Shareholders In FY 2022 Flour Mills

A total dividend of N8.8 billion for the 2022 financial year as against N6.8 billion recorded in 2021 has been approved by Flour Mills of Nigeria (FMN), representing N2.15 per share, a 30% growth over last year (compared to an 18% growth in FY’21 and a 17% growth in FY’20).

They made the disclosure at an analyst/investor call conference to review its full-year 2022 results.

According to the company, “Flour Mills of Nigeria Plc in FY '22 demonstrated solid performance across Food, Agro-Allied and Support Segments delivering topline growth of 57% in Q4 and 51% in FY22, behind strong volume growth and favourable mix.

“Significant increase in international food prices and input costs impact gross margin.

"Wheat and sugar costs increase by over 30% and 20% respectively in addition to higher energy and local distribution costs whilst sustaining progress on the ESG agenda

“Persistent operating performance in the Food segment; impressive improvement in the Agro-Allied and Support segments following continuous expansion, product innovation and enhanced capacity resulted in an impressive Profit Before Tax (FY’22 Vs FY’21: N41bn Vs 37bn) – up by 11%.

“Agro-Allied business segment contributed 47% (N19bn) to the Group’s Profit Before Tax following an increase in local demand and increased export operations 5 Flour Mills of Nigeria Plc obtained approval and has acquired Honeywell Flour Mills Plc to reinforce its position as the leader in flour, semolina and pasta market.”