The Chairman, Dangote Flour Mills PLC, Mr Asue Ighodalo, at the company’s 11th Annual General Meeting (AGM) disclosed that the company will improve its customer engagement strategies. The company is also focusing to include “sustaining our high product quality and strengthening our supply chain capabilities.”
He stated that “I will like to assure you that the Board and management of the company will continue to develop strategies to harness opportunities occasioned by improvement in the economic environment whilst mitigating the adverse effect of infrastructure deficit, policy uncertainty and other emerging threats”.
“Despite the tough business environment, I am delighted to announce that Dangote Flour delivered impressive results in the 15 months under review. Our turn over during this period was N105.7billion, representing an increase of 120.2% above the N48billion in the 2015 financial year. Gross profit improved by 556% during the period, rising to N29.3 billion from N4.4billion in the prior period.
As result, the company effected a complete turnaround on its bottom line, recording a profit after tax of N10.6 b compared with a loss of N12.7billion in the prior year.