Flour Mills of Nigeria Plc (FMN), an agro-allied firm in Africa has announced N11.4 billion Profit after Tax (PAT) representing 184% in its 2019-2020 financial report.
The company in a statement said the report released to the Nigerian Stock Exchange, highlights of remarkable achievements despite economic headwinds and the difficult operating terrain in Apapa, Lagos.
The Group Managing Director, Paul Gbededo, said FMN realised a revenue growth of 9% to N574bn; Profit Before Tax rose by 72% to N17.5bn and a whopping 184% PAT increase to 11.4bn.
“This is partly attributable to the improved performance of our agro-allied businesses and in line with our strategy to continue to grow the wealth of our shareholders.”
Gbededo said the company proposed final dividend increase of N17% to N1.40 for every ordinary share of 50 kobo.
He added that the company will remain focused on increasing operational efficiency within the group as it continue to implement accelerated cost optimization plans across all businesses to ensure profitability in the new operating environment.