Flour Mills: Profit declines 63 % in FY17
Flour Mills of Nigeria Plc, has released its financial statements for the year ended March 31, 2017, showing a 63.1percent decline in the group’s profit.
The results released on Monday, July 3rd, to the Nigerian Stock Exchange revealed that N8.8 billion was declared as profit for the 2017 financial year, as against N14.4 b reported for the same period of 2016.
The group’s pre-tax profit for the year ended March 31, 2017, stood at N10.5 b in contrast to N11.5 b a year ago, on rising finance costs which increased 45 per cent to N32.5 b from N22.4 b recorded for the year ended March 2016.
The group’s finance costs spiked on account of high interest on bank loans and overdrafts, which settled at N29.0 billion, as against N21.2b, an increase of 35 per cent.
Further analysis into FMN’s financial statements, also showed the group’s revenue for the year in review increased to N524.5 billion against N342.6 b in 2016.
On the backdrop of the results, the directors recommended for shareholder approval at the forthcoming annual general meeting a total of N2.62 billion as dividend.
The dividend is the same as what was declared in 2016; and represents N1.00 per ordinary share of 50 kobo each.
The directors stated that the dividend is to be declared out of accumulated pioneer profit
