Dangote Flour Mills Plc has returned to profitability, posting 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 after its re-acquisition from Tiger Branded Consumer Goods Plc some months ago.
According to the half year report of the company released on the floor of 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.
“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 of 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,” Chairman, Dangote Flour Mills Plc, Ighodalo Asue said.
Igbodalo assured that the company 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 “ he added.