By InvestAdvocate

Lagos (INVESTADVOCATE)-Flour Mills of Nigeria Plc and Honeywell Flour Mills Plc; both operating in the Food/Beverages & Tobacco Sector of the Nigerian Stock Exchange (NSE) Monday declared N1.60 Kobo and 15 Kobo dividends respectively to its investors.

This is contained in the Audited Reports for the Period Ended March 31 2012 declared at the Floor of the Nigerian Stock Exchange (NSE) by both Companies and made available to www.investadvocateng.com in Lagos Nigeria.

On the part of Flour Mills, its dividend in the review period reduced by 20 percent (20%) as the Firm proposed a dividend of N1.60 Kobo in the 2012 Financial Year End (FYE) compared to N2.00 paid in 2011 end.

While Honeywell increased dividend payment to its investors as it declared a 15 Kobo dividend in year 2012 end compared to 13 Kobo paid in year 2011 Audited Year End; representing an increase of 15.38%.

A review of Flour Mills 2012 Audited Year End shows that Profit After Tax (PAT) decreased from N9.450 billion in year 2011 end compared to N8.377 billion in the Audited Period of 2012; showing a decrease in PAT of -11.35%.

Profit Before Tax (PBT) also declined from N16.445 billion in 2011 end to N12.049 billion in the Audited period ended March 31 2012, indicating a decline of 26.73% in the review period.

While Turnover grew marginally from N238.799 billion in year 2011 end to N258.268 billion in year 2012 end; representing a slight growth of 8.15%

However, in its Corporate Actions to the NSE, Flour Mills said Qualification Date for those to benefit from the dividend reward is August 10 2012 and Closure Date of Shareholders whose names appears on the Company’s Record is August 13 to 17 2012.

Annual General Meeting (AGM) has been scheduled for September 12 2012 and payment of the N1.60 dividend will be September 17 2012.

Similarly, a review of the Audited Year End of Honeywell Flour Mills shows that PAT in year 2011 end was N2.492 billion compared to N2.702 billion in the review period of year 2012 end; showing an increase of 8.42%.

While PBT is N3.663 billion in 2012 end compared to N3.516 billion in the corresponding period of year 2011; representing a growth of 4.18%.

Turnover also grew from N34.058 billion in year 2011 end compared to N38.072 billion in the review period of year 2012; indicating a growth of 11.78%.

Honeywell Flour Mills affirmed in its Corporate Actions to the Nigeria’ Exchange that Qualification Date for investors to benefit from the proposed dividend is Friday August 31 2012; while Closure Date is Monday September 03 to 07 2012.

AGM will be held September 25 2012 in Lagos Nigeria and payment date has been scheduled for September 26 2012.