Dangote Flour Mills promises shareholders improved performance
Dangote Flour Mills Plc has said it will improve its customer engagement strategies and strengthen supply chain capability to surpass its 2017 performance.
The shareholders of the company, at the Annual General Meeting in Lagos, approved a final dividend of 20 kobo for every ordinary share of 50 kobo each held in the company for the year ended December 31, 2017.
The company’s annual report and account presented at the AGM showed an 18.6 per cent increase in its turnover to N125.4bn from N105.7bn in 2016.
Its profit before tax increased to N22.44bn from N11.82bn in 2016, while the profit after tax rose by 43.1 per cent to N15.13bn from N10.57bn in 2016.
The Chairman, Board of Directors, Dangote Flour Mills, Mr Asue Ighodalo, said despite the headwinds and extremely challenging business environment in 2017, the company “delivered impressive results for the 12 months under review, continuing with the growth trajectory and company turnaround that started in 2016.”
He said as a result of the improved business performance of the company in the financial year under review, the accumulated loss position in the balance sheet had been fully extinguished.
Ighodalo said the board and management of the company would continue to develop strategies to harness opportunities occasioned by improvements in economic indices while mitigating the adverse effects of continued and emerging threats to the performance and growth of the business.
He stated, “Our key focus areas in the year 2018 include improving our customer engagement strategies, strengthening our supply chain capabilities, assuring best-in-class product quality and managing our costs.
“Our customers remain our key partners in the business. Their patronage, continued support and unflinching loyalty contributed immensely to our performance in the year. I assure you that we will strive to serve you better and employ processes that make your interactions and engagement with us hitch-free and pleasurable.”
The chairman said the company would continue to place high priority on the training and development of its employees, and seek and retain the best talents available in the continued pursuit of operational and service excellence.
He added, “Our greatest strength lies in our committed, hard working and resourceful team of employees.
“I look forward to greater performance from our teams to ensure that we become the number one flour milling company in West Africa by the quality of our products, market share and performance ratios.”