Flour Mills:An inside view
March 20th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
It’s a company eyed by many. Flour Mills of Nigeria Plc is so much more than flour. Its wholly owned subsidiaries includes Nigerian Bag Manufacturing Company Limited (BAGCO); Northern Bag Manufacturing Company Limited; Golden Shipping Company Nigeria Limited; Golden Fertilizer Company Limited; Southern Star Shipping Company (Nigeria) Limited; Golden Pasta Company Limited; Niger Mills Company Limited; as well as substantial interest it has in Northern Nigeria Flour Mills Plc.
Incorporated in 1960, it was listed in Food/Beverages and Tobacco sub-sector of the Nigerian Stock Exchange in 1979. The group has principal activities of flour milling; pasta production; operation of the bulk cement handling facility; sale and distribution of fertilizer; sale of bulk and bagged cement; manufacturing and marketing of woven polypropylene sacks; blending, sale and distribution of fertilizer; and the management of the mills of Maiduguri Flour Mills Limited.
Financing Structure
The share capital of Flour Mills of Nigeria Plc remained N582.400 million in 2006, the same value it paraded in 2005. But its shareholders’ funds received a boost of N3.563 billion or some 31 per cent growth in 2006. From N11.650 billion in 2005, the investors’ funds in the business of the company in 2006 went to N15.214 billion at the end of the accounting period. The total assets of the company in 2005 were N18.457 billion. It became N26.265 billion in 2006. That was an improvement of N7.808 billion or some 42 per cent growth. Current assets which were N18.930 billion in 2005 grew by N4.265 billion or 23 per cent in 2006. Fixed assets was N20.998 billion in 2005, it grew to N27.841 billion in 2006. That represents an addition of N6.843 billion or 33 per cent. Equity contribution to total assets in 2005 was 63 per cent. It came down to 58 per cent in 2006.
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