Flour Mills of Nigeria Plc will be holding its fifty third annual general meeting in Lagos on Wednesday 11th September, 2013 commencing 12 noon at Eko Hotel & Suites, Victoria Island, Lagos.
The company will present the Audited Financial Statements, Reports of the Directors, Report of the Auditors and Audit Committee to the shareholders. It is proposing a dividend of N2 per ordinary share of 50kobo.
It will recommend to the shareholders alteration of its memorandum and articles of association in conformity with the listing rules of the Nigerian Stock Exchange requiring that the securities of listed companies must be fully paid at the time of allotment and also amend the Statutory provisions which prevent public companies from restricting the transfer of their shares.
Flour Mills of Nigeria announced an appreciable growth in its business operation as reflected in its 2012/2013 results. The Company achieved this in spite of the challenging business environment, which evidently, was characterized by strong competition and high input costs.
Inspite of the cessation of the cement business which accounted for 17% of its income last year, the company recorded an impressive income of N225.6 billion, an increase of 23%.
The Company also witnessed a remarkable performance of core business – food and agro-allied, which recorded an excellent growth of 32%”, posting After-Tax Profit of N8.7billion, representing an increase of 6.6%.
Incorporated in September 1960, Flour Mills of Nigeria Plc (FMN) is one of Nigeria’s leading food and agro-allied companies which has grown into a diversified group with a broad product range, an iconic brand – “Golden Penny”, and extensive distribution network.
The Group is primarily engaged in flour milling; production of pasta, noodles and edible oil; livestock feeds; farming and other agro-allied activities; distribution and sale of fertilizer; manufacturing and marketing of laminated woven polypropylene sacks and flexible packaging materials.
Cement manufacturing; operation of Terminals A and B at the Apapa Port; customs clearing, forwarding agents, shipping agents and logistics; and, management of the mills of Maiduguri Flour Mills Limited and Port Harcourt Flour Mills Limited are part of their business operations.