Flour Mills of Nigeria Plc, a prominent agro-allied group headquartered in Lagos and led by Greek multimillionaire businessman John Coumantaros, has announced a remarkable revenue milestone of $2 billion for its 2023 fiscal year.
This achievement is attributed to a substantial surge in the sustained demand for food items throughout the year.
According to the company’s financial results, Flour Mills of Nigeria experienced a commendable 32 percent increase in revenue since the commencement of the year. The figures rose from N1.163 trillion ($1.5 billion) at the conclusion of the 2022 fiscal year to N1.54 trillion ($2 billion) at the close of the 2023 fiscal year.
Despite this noteworthy double-digit percentage expansion in revenue, the profit margin demonstrated a more modest growth of five percent. The profit figures escalated from N28.01 billion ($36.2 million) to N29.5 billion ($38.1 billion) during the review period. This was tempered by a surge in the group’s operating expenses during the same timeframe.
The company’s administrative expenses during the period under assessment surged from N31.77 billion to N40.53 billion ($52.35 million). Moreover, finance costs escalated significantly due to heightened interest payments on bank loans and overdrafts, soaring from N25.48 billion ($32.92 million) to N55.73 billion ($72 billion).
Notwithstanding the impact of the profit upswing, the board of directors of Flour Mills of Nigeria Plc has recommended a total dividend of N9.23 billion ($11.93 million). This translates to a dividend of N2.25 ($0.0029) per share.
This dividend allocation registers a five-percent increase compared to the previous year’s total dividend of N8.82 billion ($11.4 million), equivalent to N2.15 ($0.0027) per share.
With a commanding market capitalization of $170 million, Flour Mills of Nigeria is a leader in flour and flour-product marketing and production in Nigeria. It also ranks among the nation’s leading consumer goods companies.
Coumantaros, a Greek business magnate acclaimed as one of the most affluent investors on the Nigerian Exchange and a prominent industrialist in Nigeria, owns a controlling 63.34-percent stake in Flour Mills of Nigeria Plc through Excelsior Shipping Company.