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FLOUR MILLS POSTS N258.3B TURNOVER

By NBF News
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Flour Mills of Nigeria Plc has recorded a N258.3 billion turnover for the year ended March 31, 2012, as against N238.8 billion posted in 2011, just as it is proposing a cash dividend of N1.60 per share.

Despite the slight increase in turnover, profit after tax however decreased from N9.450 billion in the previous year to N8.377 billion as at March 2012.

Announcing the result to the Nigerian Stock Exchange (NSE), the company noted that it has proposed to reward shareholders with N1.60 kobo, while the yearly general meeting is scheduled to hold September 12, 2012.

According to the result, cost of sales rose to N218.702 billion as against N198.612 billion in 2011, while distribution, selling and administration expenses stood at N21.182 billion.

Making reference to its balance sheet, the board puts property, plant and equipment within the period at N103.744 billion, as against N71.802 billion in the previous year.

Working capital was put at N32.532billion from N18.406 billion, leaving net assets at N82.341 billion, against N49.995 billion.

Meanwhile, the company has announced the appointment of Mr. Pete Low as its new Chief Commercial Officer. Prior to this appointment, he was for over 10 years the Managing Director of Nigerian Bag Manufacturing Company PLC, (BAGCO), a subsidiary of Flour Mills Plc.

Pete brings to his new job many years of managerial experience in turning around and growing companies' profitability. In his new assignment, he would be responsible for all retail commercial operations, the realisation of all development efforts and the downstream logistics and distribution channels. These activities, which form a key part of Flour Mills Group's food and agro-allied businesses exceed N75 billion and is expected to increase significantly in the years ahead.

Succeeding Pete as the Managing Director of BAGCO is Abiodun Ogunkoya.

Ogunkoya, who has been with BAGCO for over 30 years, last three of which he served as the Deputy Managing Director, would bring his deep general managerial experience to the new office.

Mr. Kevin Wernberg, who takes over as BAGCO's Deputy Managing Director will oversee the operational and technical aspects of the business.

Announcing these appointments, Flour Mills Chairman, Mr. George Coumantaros, said, 'these executives are individuals of personal integrity, with long records of assuming ownership of the business challenges they have encountered, taking initiative to create value for our customers and being effective drivers of company results.'

In addition, the Group Managing Director Chief Emmanuel Ukpabi credited both of them with recruiting, developing, promoting and retaining talented Nigerian professionals in the dynamic Flour Mills Group.