AGM Watch: Honeywell Flour Mills Plc Shareholders Approve N555.1 million Dividend.

The shareholders of Honeywell Flour Mills of Nigeria Plc, have approved the sum of N555.11 million as final dividend for the year ended 31st of March, 2021. This amount translates into a final pay out of 7 kobo per share to shareholders.

A notice sent to the Nigerian Exchange Limited (NGX) today, acknowledged by the company’s secretary, Yewande Giwasaid the decision was made during the recently concluded 12th Annual General Meeting (AGM) of the company which held at Civic Centre, Victoria Island, Lagos on the 14th day of October, 2021.

Excerpts of the resolutions reached at the AGM read: ‘’That a final dividend of 7 kobo per share, subject to tax, be declared in respect of the year ended 31st of March, 2021, and made payable by 14th October, 2021 to members whose names appear in the Register of Members as at close of business on 3rd September, 2021.’’

Other vital resolutions the company made in the course of the meeting were;

  • The following Directors: Mr. Alan Palmer, Mr. Oluranti Sokunbi and Mrs. Wonuola Adetayo be re-elected as Directors of the Company.
  • That the following individuals be elected into the Statutory Audit Committee; Mr. Adebayo Adeleke, Mrs. Morenike Omilabu and Mr. Ogundipe John Afolabi (representing the Shareholders) and Mr. Andrew Smith-Maxwell and Mrs. Wonuola Adetayo (representing the Board).
  • Directors were authorized to fix the remuneration of the independent auditors of the company- Bakertilly Nigeria

What you should know:

  • Recall that Flour Mills of Nigeria Plc had reported a profit after tax of N1.13 billion for the year ended 31st of March, 2021, indicating a surge of 76% YoY. The firm’s revenue also grew by 36% to N109.6 billion. Consequently, the firm declared a dividend of 7 kobo per share, which is up by 75% YoY.
  • Honeywell Flour Mills of Nigeria Plcis currently trading at N3.69 on the floor of the NGX


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