National Wire About Nigerians, Nigerian Business and Other Stories
Flour Mills Nigeria Plc (FMN) on Friday July 12, 2019 proposed N1.20 kobo per share to shareholders for the financial year ended March 31, 2019.
According to the company full year account, the dividend which is 20 percent increase when compared with what was paid in the previous year, will be approved by shareholders at the company Annual General Meeting (AGM).
However, analysis of the financial statements shows that profit before tax went down to N10.2 billion from N16.4 billion, while the profit after tax decreased to N4 billion from N13.6 billion, with the earnings per share reducing to N1 from N4.83 kobo.
The company revenue also went down to N527.4 billion from N542.7 billion, as cost of sales went up to N474.1 billion from N473.9 billion, while the selling and distribution expenses jumped to N8.2 billion from N6.2 billion, with the administrative expenses staying flat at N19.4 billion, same amount used a year earlier.
