Flour
Mills of Nigeria Plc, said it has invested up to N90 billion in
agro-allied supply chain, creating 9,000 jobs with a multiplier
(indirect) of up to 54,000 jobs in the country...
The investments in the food value chains,
which include oils and fats, feeds/proteins, starches, agro
distribution and sweeteners have potential of saving up to $379 million
per annum in scarce foreign exchange.
The company’s Chairman, John George
Coumantaros said with the constantly challenging economic terrain
prevalent in the country, one of the FMN’s many contributions is
supporting Nigerians investing in the area of agriculture through its
foods and agro-allied businesses.
Coumantaros disclosed this at the
company’s 57th annual general meeting in Lagos, said that looking
outwards, the company is also strong champions for localisation of its
products and the sourcing of local raw materials.
On the company’s financial performance,
he said FMN recorded revenue of N375 billion, a growth of 51 per cent
over the N248 billion of last year.
He hinted that the company’s profit
before tax was N11 billion, an increase of 77 per cent over the N6.2
billion posted last year while profit after tax was N9.6 billion as
against N10.4 billion posted last year.
However, the shareholders of the company
approved the payment of a dividend of N1.00 for every ordinary share of
59 kobo same as last year. They commended the company for consistently
paying shareholders dividend every year.
Coumantaros said the strong improvement
in revenue and profitability was primarily driven by volume growth and
selling price increases needed to offset higher import costs as a result
of the 60 per cent devaluation of the Naira during the year.
No comments: