Flour Mills of Nigeria reports N28.02bn profit in 2022, declares N2.91 dividend

Flour Mills of Nigeria Plc on Wednesday announced N39.22billion profit in its audited result and accounts for the period ended March 31, 2022, representing 8.9 per cent increase from N25.72billion reported in prior year results.

The listed flour processing company on the Nigerian Exchange Limited (NGX) also announced a 5.2 per cent increase in profit before tax to N39.22billion in 2022 from N37.28billion reported in 2021.

With the growing profit, the management of Flour has recommended to shareholders, a dividend payout of N8.82billion (2021: N6.77billion) representing a dividend of N2.15 (2021: N1.65) per ordinary share of 50kobo each.

Significant increase in revenue was a major impetus for profits the company reported in the 2022 financial year.

According to the company’s profit & loss figures, revenue for the period grew by 51 per cent to N1.16 trillion in 2022 from N771.61billion reported in 2021.

Commenting on the result, the Group Managing Director, Omoboyede Olusanya  in a statement said: “We remain committed to implementing our long-term plan with further investments in local content via product innovation across our five major value chains. Our substantial underlying earnings demonstrate our commitment to achieving sustainability as we drive to achieve food security in the country, given the challenging operating environment over the years. With the acquisition of Honeywell Flour Mills Plc. (HFMF) and the attendant differentiated offers, our portfolio continues to evolve, strategically positioning the Group for opportunities from the African Continental Free Trade Area (AfCFTA).

“With the appointment of our third female board member and the promotion of gender diversity throughout our business segments, our sustainability agenda made more strides in line with our long-standing commitment to women’s empowerment. In addition, we developed a local content, food security, and nutrition board committee to improve the well-being of our consumers, assist in regenerating and strengthening the farming communities in our supply chains, and promote local economic development.

“In line with our strategy, we will continue to increase operational efficiency with accelerated plans for cost optimizations across the Group. This will ensure that we are on course to continue to create value for our shareholders in the long run.”