Shareholders of Dangote Flour Mills have lauded the company’s board and management for returning it to profitability and payment of dividends after six years for the financial year ended Decmber 31, 2017.
The shareholders gave the commendation at the 12th Annual General Meeting held on Friday in Lagos.
The News Agency of Nigeria reports that the shareholders approved the payment of 20k dividend recommended by the board.
The company’s turnover rose from N102.7 billion in 2016 to N125.4 billion in the review period, with profit after tax increasing from N10.5 billion in 2016 to N15.1billion.
Speaking at the meeting, Nona Awoh, a shareholder, congratulated the board and management for paying dividends after years of losses.
Awoh said the company during the period achieved cost reduction through prudent and efficient use of resources which positively reflected in its earnings, profitability and dividend payment.
He said the cost reductions impacted on the margins and tasked the management to maintain the trend.
Adeleke Olajimeji, another shareholder, described the company’s result as the first of its kind in many years.
Olajimeji called on the management to be more proactive in terms of marketing and branding by ensuring that the company’s brand was visible throughout the nation.
Sotunde Shopeju, another shareholder, also lauded the board and management for the achievement which he said would enhance the wellbeing of shareholders.
Shopeju said with the declaration of dividends, shareholders’ hope and expectations had been met as they would now begin to gain from the proceeds of their investments.
Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, said shareholders invest in shares with the expectation of receiving dividends.
Bakare said the payment of dividends by Dangote Flour Mills was exciting and commendable.
Responding, Chairman, Board of Directors, Dangote Flour Mills, Asue Ighodalo, thanked all the shareholders for appreciating the efforts of the company’s management towards producing better returns.
Ighodalo assured the shareholders that the company’s management would not rest on its oars.
He said the company would continue to harness opportunities occasioned by improvements in economic indices, while mitigating the adverse effect of the threats to the performance and growth of its business.
He promised that the company would embark on aggressive marketing and branding campaign to ensure visibility of its products throughout the nation.