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Flour Mills of Nigeria Plc, the Lagos-based agro-allied group majority-owned by Greek multimillionaire businessman John Coumantaros, is poised to reward its shareholders with a dividend payout of over $12 million, marking its final dividend for the recently completed 2022/2023 fiscal year.
In an announcement by the Coumantaros-led agro-allied group, the board of directors proposed a final dividend of N9.225 billion ($12.05 million) for the financial year ending March 31, 2023. This translates to a dividend of N2.25 ($0.0029) per unit of 50 Kobo ordinary shares for its shareholders for the financial year.
The decision to offer such a substantial dividend comes from Flour Mills of Nigeria’s impressive financial performance at the end of its 2023 fiscal year, which concluded on March 31. The company saw its revenue increase by 32 percent since the beginning of the year, rising from N1.163 trillion ($1.5 billion) to N1.54 trillion ($2 billion).
Despite this robust double-digit percent increase in revenue, the group’s profit during the year recorded a modest growth of five percent. This growth was tempered by a surge in the group’s operating expenses during the same timeframe, with profit rising from N28.01 billion ($36.2 million) to N29.5 billion ($38.1 billion) during the review period.
With a commanding market capitalization of $165 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 through Excelsior Shipping Company.
Flour Mills of Nigeria’s commitment to delivering value to its shareholders underscores its strong performance in a competitive market, providing a positive outlook for the company’s future.
