Northern Nigeria Flour Mills PLC declares interim dividend of 50 Kobo per share   

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, released on the NGX portal on November 14, 2024, was signed by the company secretary, Ogwuche Theophilus.

According to the disclosure, the dividend will be subject to applicable withholding tax and will be paid to shareholders whose names appear in the company’s Register of Members as of the close of business on November 11, 2024.

In addition, the company disclosed that its Register of Shareholders will be closed from November 12 to November 19, 2024, as part of the standard administrative processes required for dividend disbursement.

What to know 

• 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 directed its registrar, Atlas Registrars, to transfer the payments directly into the bank accounts of eligible shareholders who meet these requirements.
• Shareholders who are yet to complete their e-dividend registration have been advised to download the e-dividend mandate activation form, which is available on the Atlas Registrars website.
• Upon completion, the form should be submitted to the registrar or the shareholder’s respective bank for processing.

For unclaimed warrants and share certificates 

According to the disclosure, the company advised members 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 are yet to complete the e-dividend registration are advised to download the registrar’s e-dividend mandate activation form, available on the website of the registrars, complete it, and submit it to the registrar or their respective bank.”   

Performance overview  

• 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 in the previous year to N12.1 billion during the period.
• Gross profit rose by 41.58% year-over-year, moving from N959.8 million to N1.3 billion, reflecting a moderate improvement in profitability.
• Pre-tax profit for the period stood at N1.4 billion, a 177.65% increase from the N523.9 million reported in the same period last year, while earnings per share increased to N8.16 from N2.99 in 2023.

The company’s share price is currently at N37, recovering by 16% from a dip of N31.90 in September, reflecting an improvement in investor sentiment. Long-term, the company is on a strong bullish trend.