Flour Mills Has Progressively Improved in Five Years

Kayode Tokede
The Vice Chairman, Flour Mills of Nigeria (FMN) Plc, Mr. Paul Gbededo has expressed that the meals and agro-allied firm’s efficiency has progressively improved within the final 5 years.

Gbededo who was talking to journalists on the firm’s 62nd Annual Basic Assembly (AGM) in Lagos, mentioned, “The corporate has been doing fantastically nicely. “Our enterprise has been progressively enhancing particularly within the final 5 years, and for an organization to attain over N1 trillion because the topline, I believe we now have come of age.

“Certainly, this can be a excellent outcome for the corporate and shareholders. We admire the commendation by the shareholders and shall additionally significantly think about their observations in rising the Firm even better.

On the AGM, the Vice Chairman represented the Board Chairman, Mr. John G. Coumantaros, who introduced stable efficiency throughout key enterprise segments, with income rising by 51per cent.

Shareholders on the assembly recommended the Board of Administrators and administration for a powerful efficiency and adopted all of the resolutions introduced, together with the cost of a dividend of N2.15kobo per extraordinary share of 50kobo amounting to a complete of N8.82 billion for the monetary 12 months ended March 31, 2022, a rise of 30 % from the earlier monetary 12 months
Shareholders in attendance reiterated their confidence within the Group’s board and administration, based mostly on FMN’s continued stellar monetary efficiency below their management.

Different particular companies by a particular decision voted on through the AGM embrace: cancellation of the Firm’s unissued shares, separation of the facility belongings of the corporate, separation of the manufacturing belongings of the corporate and elevating capital to as a lot as N200billion.

Additionally commenting on the Teams steady funding in native content material growth, the Group’s Managing Director/CEO, Mr. Boye Olusanya famous: “As a number one meals and agro-allied Group, we now have all the time felt the should be concerned in all levels of the meals worth chain.

“We imagine it’s essential to securing our provide chain, because it ensures that we now have complete high quality management over our manufacturing course of and may proceed to ship the very best high quality and nutritious merchandise to our shoppers.
“And that’s the reason we now have, over time continued to take a position closely in backward integration in accordance with the mandates of Nigeria’s Backward Integration Plan (BIP)”.

The Group recorded an excellent top-line progress throughout all enterprise segments for the 12 months with a income improve of 51per cent and Revenue Earlier than Tax reaching N41 billion, up from N37 billion within the prior 12 months.