President of Dangote Group also recently hinted that they may exit the business to concentrate on the cement and infrastructure business.
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.
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BullishINTERNATIONAL BREWERIES PLCDANGOTE CEMENT PLCUNITED BANK FOR AFRICA PLC.
BearishSOVEREIGN TRUST INSURANCE PLCN.E.M. INSURANCE CO. (NIG.) PLC.LAW UNION AND ROCK INSURANCE PLC.
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