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Flour Mills to Hold AGM Flour Mills of Nigeria Plc, makers of Golden Penny products is to hold its 44th Annual General Meeting on Thursday 16th September, 2004 at the Eko Hotel and Suites, Victoria Island, Lagos. This was disclosed recently in Lagos, by the Managing Director of the Company, Chief Emmanuel Ukpabi, while speaking about the forth-coming AGM. He remarked that the socio-economic environment during the year was tough and challenging. The Managing Director commended that in spite of the challenging environment, Flour Mills' group achieved an impressive performance during the year. Group turnover went up from N42.3 billion to N53.6 billion, an increase of 27%, Group Profit Before Taxation rose from N590.2 million to N1.89 billion, an increase of 220% and Group Profit After Tax went up to N1.37 billion from N255 million in the preceding year, he enumerated. Chief Ukpabi stated that the operational efficiencies resulting from various investment in modern milling facilities have undoubtedly contributed to the improved performance. He disclosed that for the past two years, huge investments were made in rehabilitation, refurbishing, upgrading and replacement of old milling assets and facilities. In addition, significant capital expenditures were incurred in storage, packing and generating facilities. These capital projects, emphasized the Managing Director, had produced a considerable strain on the company's cash flow and working capital. Chief Ukpabi added that the AGM, which was scheduled to start at 11.00am would have Nigerian and foreign shareholders in attendance. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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