BizNis Africa
Latest News
Pension fund investment key to addressing inequality in South Africa
Ahead of the 2017 Worker’s Day, Romeo Makhubela, Novare...
Nuclear Industry Association of South Africa reacts to High Court Judgement
The Nuclear Industry Association of South Africa (NIASA) has...
Thapelo Tsheole
Thapelo Tsheole is a seasoned Financial Markets expert with...
Nkomati Mine: Norilsk Nickel issues legal proceedings against Botswana Government
Norilsk Nickel has served notice that it intends to...
Côte D’Ivoire’s Minister of Economy to open SWIFT African Regional Conference in Abidjan
SWIFT announces today, 28 April 2017, that the Minister...
Top five money mistakes retirees must avoid
Retirement planning is an ongoing process; in fact once...
Pius Muchiri
He is the Managing Director and CEO of Nabo...
Taslim Ngom
Taslim Ngom, born in Senegal, is affiliated with real...
Forbes Woman Africa launches its first television show
FORBES WOMAN AFRICA (www.ForbesAfrica.com), the continent’s first-ever women’s interest...
Shedding light on the African shadow economy
The Informal Economy, or if you have a penchant...

Thabo Mabe, Dangote Flour Mills CEO

Dangote Flour Mills has posted a profit before tax of N11.82 billion for its financial year ended 31 December 2016.

According to the results released on the floor of the Nigerian Stock Exchange (NSE), the company has returned to profitability after four years of losses.

Review of the results indicated that the group’s operating profit went up to N16 billion compared to a loss of N8.6 billion posted at the preceding year. Profit after tax went up to N10.6 billion in contrast to a loss of N12.5 billion in 2015.

Revenue went up by 120 percent from N48 billion to N105 billion, while gross profit increased by 556.8 percent to N29 billion compared to N4 billion in 2016.

Capital market analysts described the company’s performance as heartwarming given that the company had recorded losses in the past.

Dangote Flour Mills consist of Dangote Flour, Dangote Pasta, and Dangote Noodles. It was sold to Tiger Branded Consumer Goods, but later reacquired and re-positioned for good results.

Having reacquired the flour mills, the new board of directors and management started a restructuring process.

“We bought back Dangote Flour Mill from Tiger Branded Consumer Goods and by this move, it means we have a stronger, better, sophisticated and more focused Dangote Flour Mills,” says Ighodalo Asue, Dangote Flour Mills Chairman.

“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.”

The group chief executive officer, Dangote Flour Mills, Thabo Mabe, attributed the return to profitability to several strategies adopted by the company to increase market share and create value for shareholders.

He notes that the Dangote Flour Mills was driven by the vision of putting its products on the table of every Nigerian.

Leave a Reply

Ver peliculas online

Fill in your details below and we will secure you a free test drive, delivered to you.

Fill in your details below and we will secure you a free test drive, delivered to you.

%d bloggers like this: