May 23 (Lagos) - Dangote Flour Mills Plc reported disappointing results for full year 2011. Top line revenue declined by 1.95% to N 66.28 billion. Profit after tax of N 678 million is 75% lower than PAT of N 2.72billion in 2010. On the positive side, the company sharply grew its total assets to N 83 billion an increase of 19.28%.
Company has proposed a dividend of 10 kobo per share which will yield 2%. June 20th is the cut off date for the dividend. Shares of company were trading for N 5.98 lower by 4.6% at 1 Pm today. The shares have seen a huge spike this month following confirmed reports of possibilities of a partnership with Tiger foods of South Africa. President of Dangote Group also recently hinted that they may exit the business to concentrate on the cement and infrastructure business.
reporting for easykobo.com on Wednesday, May 23 2012 from Lagos, Nigeria