Dangote Flour PBT records N2.6 bn in half year
Dangote Flour Mills has a profit before tax (PBT) of N2.64 billion in the half year ended June 30, 2016, compared to a loss of N9.55 billion posted at the corresponding period in 2015. Dangote Flour Mills consist of Dangote Flour, Dangote Pasta, and Dangote Noodles.
According to the company filing with the Nigerian Stock Exchange, the Flour milling group recorded a gross profit of N14.03 billion in the period while profit from operating activities rose to N8.47 billion.
The financial performance is heartwarming given that the Dangote Flour Mills recorded losses in the past. It was sold to Tiger Brands but later reacquired and re-positioned for good results.
Having reacquired the flour mills, the new board and management started a restructuring process which included the reopening of the closed Dangote Flour Mills, Kano.
Chairman, Dangote Flour Mills Plc, Ighodalo Asue speaking on the repositioning said “We bought back Dangote Flour Mill from Tiger Branded and by this move, it means we have a stronger, better sophisticated and more focused Dangote Flour Mills.
“Since the takeover, we have taken a lot steps to reposition the company through expansion to drive growth. We are also using this medium to restate our commitment to increasing our shareholders value and our dear customers.”
Let me assure you that we will continue to invest in the State and other parts of the country and even beyond the country, because we believe in job and wealth creation. It is our hope that our return to Kano will create more job opportunities and impact positively on the economy of the State.
“I will like to commend Aliko Dangote for his investment in Dangote Flour Mills, a few months ago when Tiger Branded Company was going to leave the country, it appears that the fate of the company was in jeopardy, but Aliko Dangote’s decision to buy back the company has saved the jobs of about 3000 employees and the shares of over a million shareholders. More importantly, the multiplier effect of his investment in the country is immeasurable”, he said.
Group Chief Executive Officer, Dangote Flour Mills, Thabo Mabe said the return to profitability follows several strategies adopted by the company to increase market share and create value for shareholders. He said that the flour mill is driven by the vision of putting its products on the table of every Nigerian.
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