Flour Mills of Nigeria Plc released its audited financial report to the market for the year ended 31 March, 2019 on 15th July 2019 in which the Company’s Gross Earnings closed at N527.4bn, down by 2.81% when compared with N542.6bn posted in 2018.
The Nigeria’s leading integrated food business and agro-allied group closed 2019 reporting year with 38% decline in Profit Before maximum Tax (PBT), to arrive at N10.1bn away from N16.5bn reported in the year ended 31st March, 2018.
The Company’s PAT dropped by about 40% from N16.3bn previously recorded in 2018 to N9.9bn as at 31st March 2019.
Earning per share of the group stood at N2.43 against the previous EPS of N4.00 in 2018.
With reference to its share price of N16.20, the PE ratio of the company is at 6.68x with earnings yield of 14.98%
The key highlights of the company shows a continued deleveraging with total net debt reducing by 21.2bn and financing cost dropped by around 30% from N32.6bn to N22.8bn
Propose dividend increase by N0.20 to N1.20 per share, subject to shareholders ratification at AGM.
Flour Mills of Nigeria Plc (FMN) was incorporated on 29th September, 1960 as a private limited liability company with a modest paid-up share capital of N1 million and converted to a public company in November, 1978. The beneficial interest in the company’s equity is held by Nigerian and Overseas shareholders. Presently, two foreign shareholders own about 56% of the company’s paid-up share capital. The balance is held by over 75,000 individuals and institutional investors.
Wheat milling forms the financial backbone of our diversified company. FMN pioneered flour milling in Nigeria when its first mill was commissioned at Apapa in 1962 with a grinding capacity of 500 metric tonnes of wheat per day. Today, the Apapa milling complex has a rated capacity of over 8,000 metric tons per day making it one of the largest single site mills in the world