Business

NSE: Dangote Flour Mills returns to profitability, posts N12bn profit

NSE: Dangote Flour Mills returns to profitability, posts N12bn profit

Nigerian Stock Exchange

According to the results released on the floor of the Nigerian Stock Exchange (NSE), the company has returned to profitability after four years of losses.

Dangote Flour Mills has posted a profit before tax of N11.82 billion for its financial year ended December 31, 2016.

According to the results released on the floor of the Nigerian Stock Exchange (NSE), the company has returned to profitability after four years of losses.

The Company’s Spokesman, Mr Francis Awowole-Browne, in a statement on Wednesday in Abuja, said the group’s operating profit went up to N16 billion compared to a loss of N8.6 billion in 2015.

He said that profit after tax also went up to N10.6 billion in contrast to a loss of N12.5 billion in 2015.

“Revenue went up by 120 per cent from N48 billion to N105 billion, while gross profit increased by 556.8 per cent to N29 billion compared to N4 billion in 2015,’’ he said.

According to the statement, the Chief Executive Officer, Dangote Flour Mills, Mr Thabo Mabe, attributed the return to profitability to strategies adopted by the company to increase market share and create value for shareholders.

Dangote Flour Mills consists of Dangote Flour, Dangote Pasta and Dangote Noodles.

Dangote Group had in 2012 sold 63.35 per cent of its equity stake in Dangote Floor Mills to Tiger Branded Consumer Goods Plc in a 181.9 million dollar deal.

After nearly four years of successive losses and impairing of assets, Tiger Brands reached an agreement with Dangote Group on Dec. 11, 2015 to buy back the troubled flour-milling company back.

In February 2016, Dangote Group reacquired 65.6 per cent majority equity stake in the former Dangote Flour Mills Plc, now rebranded Tiger Branded Consumer Goods Plc. 

Source: Business

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

More in Business

CBN: Apex bank boosts foreign exchange supply with $195M

adminJuly 17, 2017

National Bureau of Statistics: Nigeria’s inflation drops to 16.10 % in June – agency

adminJuly 17, 2017

Introducing TEDxYaba 2017: Maryam Uwais, Omobola Johnson, Seni Sulyman, Lala Akindoju, Judith Okonkwo and more to speak at the Event

adminJuly 17, 2017

CBN: Apex bank injects $142.5M into foreign exchange market

adminJuly 10, 2017

Max-Migold Facilities Master Craft Program: Earn from N150,000 monthly as a Facility Mangaer

adminJuly 10, 2017

In China: Govt opens $10 trillion bond market in liberalisation step

adminJuly 3, 2017

Economic Recession: Prof Nwaekeaku says CBN’s intervention in forex market is temporal

adminJune 26, 2017

Audu Ogbeh: Nigeria begins yam export to US and UK

adminJune 26, 2017

Cocoa House: Osun move to revival South-West cocoa phenomenon, process 20,000 tonnes daily

adminJune 24, 2017

Copyright © 2016 NigeriaOnline.