AGM Watch: Flour Mills of Nigeria Plc N6.76 billion Dividend Approved By Shareholders.

The shareholders of leading Nigerian food and agro allied company, Flour Mills of Nigeria Plc, have approved the N6.76 billion recommended by the company as final dividend for the year ended 31st of March, 2021. This amount translates into a final pay out of N1.65 per share to shareholders.

A notice sent to the Nigerian Exchange Limited (NGX) today, acknowledged by the company’s secretary, Umolu Joseph,  said the decision was made during the recently concluded Annual General Meeting (AGM) of the company which held at Eko Hotels & Suites, Adetokunbo Ademola Street, Victoria Island, Lagos.

Recall that Nairametrics reported that the company announced in August that it intends to pay a dividend of N1.65k per 50 kobo share for the period ended March 31st 2021. Initially, the company had erroneously exempted the dividend from applicable withholding tax on the notion that the dividend will be paid from accumulated pioneer profit.  However, in response to this error, the firm swiftly and subsequently sent another notice to the NGX and the investing public, stating: ‘’The correction is that the dividend shall be paid from the Company’s accumulated profit and therefore subject to withholding tax.’’

In addition, the company confirmed the appointment of Mrs. Juliet Anammah and Mr. Muhammad Ahmad, as Independent Non-Executive Directors of the company. It also re-elected Mr. John G. Coumantaros, Prof. Jerry Gana and Mr. Alfonso Garate, as its Directors during the AGM.

Note that the board of the company had earlier in its last AGM recommended Mrs. Juliet Anammah and Mr. Muhammad Ahmad for the aforementioned positions.

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

  • Non-Executive Directors remuneration for the year ending March 31, 2022 were fixed at N39 million. In addition, sitting allowances will be paid at standard agreed rates for each meeting attended.
  • Directors were authorized to fix the remuneration of the independent auditors of the company- KPMG Professional Services.
  • The following individuals were elected into the Statutory Audit Committee; Mr. Adeshina Olalekan Oladebo, Mr. Sekoni Nurudeen Adebayo and Mr. Adeshina Tajudeen Imram (representing the Shareholders) and Mr. Foluso Philips and Alhaji Olalekan A. Saliu (representing the Board).

Highlights of the firm’s Full Year Result

Recall that Flour Mills of Nigeria Plc had reported a profit after tax of N25.7 billion for the year ended 31st of March, 2021, indicating a surge of 126% YoY. The firm’s revenue also grew by 34% to N771.6 billion, while earnings per share printed N6.38, compared to N2.25 posted in corresponding period of last year. Consequently, the firm declared a dividend of N1.65 per share, which is up by 18% YoY.

It is pertinent to note that the impressive topline growth for the year was aided by gains from the firm’s Agro-allied turnaround strategy. The expansion of the firm’s backward integration program across all value chains, including strategic partnerships with smallholder farmers were all pivotal in achieving a revenue growth of 34%.

Flour Mills of Nigeria Plc is currently trading at N29.35 on the floor of the NGX


Flour Mills of Nigeria Plc declares N6.8 billion as final dividend for 2020.

The Board of a leading food and agro allied company, Flour Mills of Nigeria Plc (FMN), has announced the payment of N6.8 billion to its shareholders as the final dividend for the period ended 31st of March 2021.

According to a notice filed with the Nigerian Exchange Limited (NGX), Flour Mills of Nigeria Plc is expected to pay a final dividend of N1.65 per share on all the outstanding 4,100,379,605 ordinary shares of the company. This brings the total dividend pay out to qualified shareholders to N6.8 billion.

In addition, the notice also revealed that the dividend will be paid electronically to shareholders on the 9th of September, 2021, subject to appropriate withholding tax and approval at the Company’s Annual General Meeting scheduled to hold on 8th of September, 2021 at Eko Hotels and Suites, Lagos, by 2:00pm prompt.

To qualify for participation, shareholders must meet the following requirements;

  • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Atlas Registrars Limited) to pay their dividends directly into their bank accounts.
  • Only shareholders whose names appear on the Register of Members as at the close of business on 13th of August, 2021 will be considered
  • In light of the above, the Register of Members will be closed from Monday 16th of August to Friday 20th of August, 2021.

It is pertinent to note that the recent dividend declaration of N1.65 per share is 18% higher than the final dividend declared in corresponding period of last year (FY 2019: N1.40 per share).

What you should know:

  • Flour Mills of Nigeria Plc declared in its audited financial statements for 2020, that it made a profit after tax of N25.72 billion, indicating a surge of about 126% when compared with 2019 figures.
  • Consequently, the company’s earnings per share (EPS) during the period under review advanced by 183.6% YoY to print at N6.38.
  • As at the period of reporting this, Flour Mills of Nigeria Plc currently trades at N29.60 per share on the floor of the Nigerian Exchange Limited (NGX).



Flour Mills of Nigeria Plc grows profit by 9.6% to N5.45 billion in Q1 2021, as earnings per share prints N1.17.

Flour Mills of Nigeria Plc released its unaudited financial results for the first quarter of the year ending 30th of June, 2021.

  • Revenue for the period was N233.7 billion. (+51.2% YoY)
  • Cost of sales was N208 billion. (+61.2% YoY)
  • Administrative expenses totalled N6.6 billion. (+34.2% YoY)
  • An operating profit of N11.5 billion was declared.
  • Profit for the period was N5.45 billion. (+9.6% YoY)
  • Earnings per share of N1.17 Vs N1.07 YoY.

See link to results

2020 FY Results: Flour Mills Nigeria Plc reports a 126% increase in profit to N25.72bn.

Flour Mills Nigeria Plc released its audited financial statements for the year ended 31st of March, 2021.

  • Revenue for the year was N771.61 billion. (+34% YoY)
  • Cost of sales was N664.85 billion. (+31% YoY)
  • Administrative expenses totalled N29.05 billion. (+24.4% YoY)
  • Profit for the year was N25.72 billion. (+126% YoY)
  • Earnings per share of N6.38 Vs N2.25 YoY.
  • A proposed dividend of N1.65 was announced by the board. (+18% YoY)
  • Total shareholders fund was N174.6 billion. (+12% YoY)

See link to results.

FMDQ Exchange lists Flour Mills, NMRC bonds worth N39.9 billion.

FMDQ Exchange has announced the successful listing of Nigerian Mortgage Refinance Company Plc and Flour Mills of Nigeria Plc bonds worth N39.9 billion in total.

According to series of verified disclosures from the FMDQ Exchange, the breakdown of the listing showed that;

  • FMDQ Exchange successfully listed the Nigerian Mortgage Refinance Company Plc’s N 10 billion Series 3 Fixed Rate Bond on its platform, as part of its N440 billion Bond Issuance Programme.
  • Flour Mills of Nigeria Plc also listed its N4.89 billion Series 4 (Tranche A) and N25 billion Series 4 (Tranche B) Fixed Rate Bonds on the FMDQ platform, as part of its N70 billion Bond Issuance Programme.

The recent disclosure is sequel to a host of other listings earlier announced by FMDQ Exchange since this year. It provides the opportunity for the aforementioned firms to raise funds from the debt capital markets in a bid to plug in capital shortfalls and meet other statutory needs.

On the other hand, FMDQ Exchange has revealed that its Debt Market Size as at 19th of May, 2021 stands at N23.7 trillion.