Latest posts
Home / Nigeria News / Nigeria news: Flour Mills PLC to spend N30 Billion on refinery

Nigeria news: Flour Mills PLC to spend N30 Billion on refinery

Flour Mills Nigeria Plc has said it is investing some $200 million, about N30 billion in a 750,000 metric tonnes of sugar per annum refinery in Apapa, Lagos.

The Group Managing Director of Flour Mills Plc, Chief Emmanuel Ukpabi told newsmen in Lagos that the facility which will be completed by 2012 has installed capacity of 1.5 million tonnes per annum and that would be achieved in the coming years.

Chief Ukpabi explained that the investment firm, Golden Sugar Company Limited is part of an expansion drive of Flour Mills Plc.

He said the sugar cane for the factory will be developed here in Nigeria just as it is has invested in 3,000 hectares (Kaboji Farm Limited) of land near Kontagora, Niger State, to produce soya beans, maize, cassava and rice for its mills.

“We will cultivate imported sugar cane varieties under drip irrigation as seed cane for the sugar estate,” he said.

Giving an insight into the company’s performance head its AGM Wednesday in Lagos, the GMD said the group’s turnover rose by 15 percent to an all time record of N206.6 billion in 2009 financial year.

“Group profit before taxation was N24.4 billion as against N5.5 billion last year. Our company also recorded a turnover of 6.5 percent over last year. Profit before taxation was N19.3 billion compared to N3.6 billion last year and after tax rose significantly from N2.5 billion to N13.4 billion,” he said.

He said the directors are proposing a dividend of N3.416 billion as against N854,186,667 in the previous year representing N2.00 per ordinary share of 50 kobo.

He also announced that the board will be seeking shareholders’ consent to capitalise by transfer of some N85,418,666.