Dangote Flour FY 2011 Results, Profits Slide Big, Declares 10k Dividend
Dangote Flour released its 2011 FY earnings financial statements yesterday.
The Flour, Noodles and Spaghetti maker reported sales of N 66.3 billion, down 2% when compared to the N 67.6 billion it made in 2010.
Manufacturing costs escalated by 4% to N 56 billion whilst Distribution and Administrative Costs improved by 15%.
An exceptional charge of N 1.48 billion caused profits to slump.
Profit before tax came in at N 396 million, down 92% from the N4.9 billion it made in 2010.
A tax credit of N 281 million helped boost Net Income to N 677 million, yet this performance was down 75% from the N 2.7 billion it made in 2010.
Company management has proposed a 10 kobo dividend.
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