Northern Nigeria Flour Mills declares dividend payment of N0.25k to shareholders

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Northern Nigeria Flour Mills Plc has announced a dividend payment of N0.25 kobo per 50 kobo ordinary shares for the financial year ended 31 March 2022.

This dividend payment will be subject to shareholders’ approval at the Annual General Meeting (AGM) and appropriate withholding tax.

According to the disclosure filed with the Exchange (NGX), shareholders are to ensure their names are registered in the Register of Members by the qualification date of August 23, 2022.

The Company’s Annual General Meeting will be held at The Bristol Palace Hotel, 54/56 Guda Abdullahi Road, Farm Centre, Kano on 8th September 2022 at 2 pm.

On Friday, September 9th, 2022, the dividend which amounts to N44.55 million will be disbursed electronically to ordinary shareholders whose names appear on the Register of Members as of Tuesday, August 23th 2022, and those who have completed the dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

The company’s registrar is Atlas Registrars Ltd and the e-dividend mandate form can be downloaded or filled online on the registrar’s website.

Northern Nigeria Flour Mills Plc has 178,200,000 outstanding shares and a market capitalization of N1.89 billion at the time of filing this report. The company’s shares opened trading on the 17th of June, 2022 at N10.60 per share and closed at N10.60 per share.

Northern Nigeria Flour Mills Plc had released its FY 2021 financial results for the period ended 31 March 2022, reporting a profit of N80.67 million, representing a 15.37 per cent growth year on year.

Revenue of N15.23 billion was reported in the full-year period compared to N8.67 billion in the same period of 2021.

Earnings per share was recorded as N0.4527 kobo against N0.39 kobo recorded in the corresponding period of 2021.Year-to-date, the company’s shares have appreciated by 32.50 per cent from N8.00 at the beginning of the year to N10.60 as at the time of writing this report.