Northern Nigeria Flour Mills PLC has announced an interim dividend of 50 kobo for each ordinary share of 50 kobo, payable to its registered shareholders.
This disclosure was made on the Nigerian Exchange (NGX) portal on November 14, 2024, and was signed by the company secretary, Ogwuche Theophilus.
Details of the Dividend Announcement
The interim dividend will be subject to applicable withholding tax and is set to be paid to shareholders whose names appear in the company’s Register of Members as of the close of business on November 11, 2024. To facilitate the dividend disbursement process, the company has announced that its Register of Shareholders will be closed from November 12 to November 19, 2024.
“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,” the company stated.
Northern Nigeria Flour Mills PLC has directed its registrar, Atlas Registrars, to transfer the payments directly into the bank accounts of eligible shareholders who meet these requirements.
E-Dividend Registration Process
Shareholders who have not yet completed their e-dividend registration are encouraged to download the e-dividend mandate activation form available on the Atlas Registrars website. Upon completion, this form should be submitted either to the registrar or to their respective banks for processing.
In addition, the company has advised members with unclaimed warrants and share certificates to complete their e-dividend registration.
“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,” Northern Nigeria Flour Mills PLC noted.
Performance Overview
Northern Nigeria Flour Mills PLC has demonstrated impressive financial performance in recent months. The company reported a 72.66% year-over-year growth in revenue for the three months ending September 30, 2024. Revenue increased from ₦7 billion in the previous year to ₦12.1 billion during this period.
- Gross Profit Growth: Gross profit rose by 41.58%, moving from ₦959.8 million to ₦1.3 billion, reflecting a moderate improvement in profitability.
- Pre-Tax Profit Surge: Pre-tax profit for the period stood at ₦1.4 billion, marking a remarkable 177.65% increase from ₦523.9 million reported in the same period last year.
- Earnings Per Share (EPS): Earnings per share increased significantly to ₦8.16, up from ₦2.99 in 2023.
Share Price Recovery
The company’s share price is currently at ₦37, recovering by 16% from a dip of ₦31.90 in September, which reflects an improvement in investor sentiment and confidence in the company’s future prospects.
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