Northern Nigeria Flour Mills PLC has announced an interim dividend of 50 kobo per ordinary share of 50 kobo, which will be payable to its registered shareholders. This announcement was released on the NGX portal on November 14, 2024, and was signed by the company secretary, Ogwuche Theophilus. According to the announcement, the dividend will be subject to applicable withholding tax and will be paid to shareholders whose names are listed in the company’s Register of Members as of the close of business on November 11, 2024. Additionally, the company informed that its Register of Shareholders will be closed from November 12 to November 19, 2024, which is part of the standard administrative processes required for dividend distribution.
Dividends will be paid electronically on November 19, 2024, to shareholders whose names appear on the Register of Members as of November 11, 2024, provided they have completed the e-dividend registration process. Northern Nigeria Flour Mills PLC has instructed its registrar, Atlas Registrars, to transfer the payments directly into the bank accounts of eligible shareholders who meet these requirements. Shareholders who have not yet completed their e-dividend registration are advised to download the e-dividend mandate activation form, which is available on the Atlas Registrars website. After completing the form, it should be submitted to the registrar or the shareholder’s respective bank for processing.
The company has urged shareholders with unclaimed warrants and share certificates to complete their e-dividend registration. It stated: “Shareholders with dividend warrants and share certificates that remain unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the registrar.” “Shareholders who have not completed the e-dividend registration are encouraged to download the registrar’s e-dividend mandate activation form from the registrars’ website, complete it, and submit it either to the registrar or to their respective bank.”
Northern Nigeria Flour Mills PLC reported a 72.66% year-over-year growth in revenue for the three months ending September 30, 2024, with revenue increasing from N7 billion the previous year to N12.1 billion during the period. Gross profit rose by 41.58% year-over-year, increasing from N925.8 million to N1.3 billion, indicating a moderate improvement in profitability.
Pre-tax profit for the period reached N1.4 billion, reflecting a 177.65% increase from the N506.9 million reported in the same period last year, while earnings per share rose to N8.16 from N2.99 in 2023. The company’s current share price is N37, recovering by 16% from a dip of N31.90 in September, which reflects an improvement in investor sentiment. In the long term, the company is showing a strong bullish trend.