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NSE tasks Flour Mills on corporate governance, accountability

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IMAGE: Oscar Onyema, chief executive officer, Nigerian Stock Exchange »


The Nigerian Stock Exchange (NSE) has urged the management of Flour Mills of Nigeria plc to strive towards improving its existing high standards of corporate governance, accountability and disclosure.

Oscar Onyema, chief executive officer, Nigerian Stock Exchange who said this yesterday at the “facts behind the figures presentation” of Flour Mills of Nigeria plc at the stock exchange noted that the NSE is encouraged that Flour Mills came forward to provide the market with more information about the strategic and financial developments within its organisation.

“The Exchange continues to place Corporate Governance on the front burner as one of the basic elements for ensuring a sound investment environment and maximising shareholder returns,” Onyema said.

According to the NSE CEO, “Flour Mills remains a dominant player in the consumer goods sector of our market as it continues to solidify itself as an innovative brand in this sector. With diversified business strategies such as its importation and distribution of bulk cement, to its investments in power generation of a combined capacity of 30megawatts to reduce the occurrence of production stoppages, Flour Mills continues to pride itself as a dynamic leader in the industry.

“As a leader in your industry sector, your performance has contributed in no small measure to the NSE Consumer Good Index. Your leadership position was further reflected in your year end results with reported sales revenue of N332.14bn, an improvement of 10.00 percent y/y compared with N301.94bn posted in FY2013, while gross profit grew from N37bn to N44bn.

“The company continues to consistently deliver superior returns to its shareholders with its announcement of cash dividend of N1.10 and a bonus of one new share for every 10 shares already held,” Onyema said.

Article Credit: Businessdayonline

Updated 4 Years ago

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Tags:     NSE     Flour Mills of Nigeria plc     Oscar Onyema     NSE Consumer Good Index