Business News

Northern Nigeria Flour Mills declares N62.37 million as dividends

The Board of Directors of Northern Nigeria Flour Mills (NNFM) Plc has approved the payment of N62.37 million as dividends to shareholders for the financial year ending 31st March 2023.

This resolution was made during the 51st Annual General Meeting of the company held on Thursday, 7 September 2023.

Shareholders will receive a final dividend of N62.37 million representing a total dividend of N0.35kobo per share on the issued capital of 178,200,000 Ordinary Shares.


AGM Resolutions

During the AGM, the following resolutions were passed:

The Company also approved the re-election of the following Directors who were due to retire by rotation: Mr John G. Coumantaros, Alhaji Yunus Olalekan A. Saliu, Alhaji Sani Umar.

The Board elected Alhaji Auwalu Mukhtari and Alhaji Sani Umar to represent the board on the Statutory Audit Committee of the Company.

The following members of the Statutory Audit Committee representing the shareholders were re-elected until the conclusion of the next Annual General Meeting: Alhaji Bello Umar Gwangwazo, Alhaji Lawan Sule Garo and Alhaji Sadiq A. Othman.


What You Should Know

Northern Nigeria Flour Mills Plc released its unaudited Q1 results showing a 156.7% increase in pre-tax profits to N432.74 million compared to N168.57 million recorded in the corresponding period last year.

The Consumer Goods company grew its revenue to N6.11 billion in Q1 2023 compared to N4.39 billion recorded in Q1 2022.


Here are some key highlights from Q1 Results

Revenue N6.11 billion +39.18% YoY

Cost of sales N4.60 billion +13.58% YoY

Gross Profit N1.51 billion +337.80% YoY

Administrative expenses N183.54 million +47.76% YoY

Selling and Distribution expenses N890.44 million +1898.30% YoY

Profit for the year N432.74 million +156.71% YoY

Earnings Per Share N2.43k +155.79%

Total Assets N16.64 billion +32.06% YoY.


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