NIGERIA – The Chairman, Flour Mills of Nigeria Plc, Mr. George Coumantaros has revealed plans by the company to expand its production capacities and facilities.
He also said the company is working on modalities to increase its productivity and efficiency to enable it deliver top line and bottom line growth.
Coumantaros disclosed this at Flour Mills’ 54th Annual General Meeting held in Lagos.
The Flour Mills chairman promised the shareholders of the company that the prospects of the group were very good following strategic investments and the restructuring of its operations.
“I would like to reassure our esteemed shareholders that our group’s prospects are promising and bright. Indeed, the ‘future is golden’!
“As we strive to improve and re-engineer our existing product range, we will focus on innovation and develop new products for the market, making them more visible and available at point of sale while we continue to improve our sales, merchandising, redistribution personnel and activities,” he pledged.
Coumantaros said the group was determined to ensure the success of its agro-allied investments. In doing this, he explained that the group would maximise local content in its final products and derive group synergies.
“Indeed, we remain committed to our policy of being involved at all stages of the food value chain from “farm to table.”
“While we are mindful that our agricultural operations must be profitable, sustainable and environmental friendly, we are also proud of the contribution these businesses make through job creation, social upliftment and economic empowerment in the rural areas,” he added.
Speaking on Flour Mills’ performance for the year ended March 31, 2014, he said in view of the challenging microeconomic and tough business environment, strong competition and unrest in the North-east, Flour Mills posted revenue of N246 billion, a growth of over nine per cent over the N246 billion recorded last year.
The company’s profit before tax grew by 7.1 per cent, while its profit after tax was up by 17.6 per cent.
The shareholders at the meeting approved a dividend payout of N2.10 per ordinary share of 50 kobo. This amounted to N5.010 billion proposed by the board for the financial year.