Flour Mills Has Progressively Improved in Five Years, says Paul Gbededo

The Vice Chairman, Flour Mills of Nigeria (FMN) Plc, Mr. Paul Gbededo has expressed that the food and agro-allied company’s performance has progressively improved in the last five years.

Gbededo who was speaking to journalists at the company’s 62nd Annual General Meeting (AGM) in Lagos recently, said, “The company has been doing fantastically well. “Our business has been progressively improving especially in the last five years, and for a company to achieve over N1 trillion as the topline, I think we have come of age.

“Indeed, this is a very good result for the company and shareholders. We appreciate the commendation by the shareholders and shall also seriously consider their observations in growing the Company even greater.

At the AGM, the Vice Chairman represented the Board Chairman, Mr. John G. Coumantaros, who announced solid performance across key business segments, with revenue growing by 51per cent.

Shareholders at the meeting commended the Board of Directors and management for an impressive performance and adopted all the resolutions presented, including the payment of a dividend of N2.15kobo per ordinary share of 50kobo amounting to a total of N8.82 billion for the financial year ended March 31, 2022, an increase of 30 percent from the previous financial year
Shareholders in attendance reiterated their confidence in the Group’s board and management, based on FMN’s continued stellar financial performance under their leadership.

Other special businesses by a special resolution voted on during the AGM include: cancellation of the Company’s unissued shares, separation of the power assets of the company, separation of the manufacturing assets of the company and raising capital to as much as N200billion.

Also commenting on the Groups continuous investment in local content development, the Group’s Managing Director/CEO, Mr. Boye Olusanya noted: “As a leading food and agro-allied Group, we have always felt the need to be involved in all stages of the food value chain.

“We believe it is crucial to securing our supply chain, as it ensures that we have total quality control over our production process and can continue to deliver the highest quality and nutritious products to our consumers.
“And that is why we have, over the years continued to invest heavily in backward integration in accordance with the mandates of Nigeria’s Backward Integration Plan (BIP)”.

The Group recorded an outstanding top-line growth across all business segments for the year with a revenue increase of 51per cent and Profit Before Tax reaching N41 billion, up from N37 billion in the prior year.