PZ, Honeywell propose dividends

PZ Cussons Nigeria Plc and Honeywell Flour Mills Plc have proposed   to pay their shareholders dividends for their financial years ended May 31, 2014 and March 31, 2014, respectively.

PZ Cussons Nigeria plans to pay its shareholders a final dividend of 61 kobo per share for the last financial year.

The proposed dividend will be subject to the approval of the company’s shareholders at its Annual General Meeting scheduled to take place in Abuja

on October 9, 2014.

According to the company, the closure date for the dividend payment is September 22 to 26, while the date of payment, if the dividend is approved, is October 13.

The company’s audited account for the year ended May 31, 2014 showed that its revenue rose by 2.19 per cent to N72.906bn from N71.343bn the previous year.

However, PZ Cussons Nigeria’s profit before tax fell by 9.15 per cent in the period to N6.949bn from N7.650bn the previous year, while its profit after tax fell to N5.083 from N5.321bn.

For its part, Honeywell Flour Mill declared a dividend of 17 kobo per share, subject to the approval of its shareholders at the company’s AGM, which is scheduled to take place in Lagos on September 16.

The company said the closure date for the dividend is September 8 to 12, while the payment date is September 17.

Honeywell Flour Mills recently disclosed that its profit after tax rose by 18 per cent to N3.5bn in the financial year ended March 31, 2014, from N2.8bn the previous year.

The company also grew its turnover by 21 per cent to N55.08bn in the review period from N46bn in the preceding fiscal year.

A statement from the company on Monday had quoted its Managing Director, Mr. Lanre Jaiyeola, as saying the results “reflect the company’s increased output capacity and aggressive push to meet rising demand across its product categories.”

Jaiyeola explained that despite the challenge of input cost pressures caused by increase in wheat prices, Honeywell Flour Mills was able to achieve a 32 per cent growth in gross profit.

He added that the company was keen to sustain its growth, saying, “Growing the top line is our number one priority, even as large industry capacity remains a constant threat.