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    FLOURMILL   NGFLOURMILL0

FLOUR MILLS OF NIGERIA PLC

(FLOURMILL)
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COVID-19: Flour Mills redeems $2.8mn pledge, donates items

04/21/2020 | 02:49pm EDT

To further strengthen the federal government's fight to curtail the spread of the COVID-19 virus, Flour Mills of Nigeria Plc (FMN Group) has redeemed a $2.8 million it pledged to the Nigerian Private Sector Coalition against COVID-19 (CACOVID).

The company also has braced the odds of the global supply chain challenges to procure $1.5 million worth of medical supplies for Nigeria, which will rapidly beef up the Nigerian COVID-19 testing capability as well as the deployment of a $840,000 food relief packages to vulnerable communities in 12 states nationwide.

Kicking off this plan with the redemption of the Group's N1 billion pledge to the CBN-led Nigerian Private Sector Coalition against COVID-19 (CACOVID), the company also commenced an $840,000 food relief distribution activity spanning 12 Nigerian states, delivering food supplies to the most vulnerable communities hit by national lockdown.

FMN initiated a global supply chain plan to help provide the Nigerian government with tangible, and tactical support during the global economic lockdown.

This initiative was spearheaded by the Chairman of the FMN Group and leading industrialist, John Coumantaros while the planning involved the leadership of the Nigerian Centre for Disease Control (NCDC), vendors from five nations, multiple logistics partners, and a tireless team drawn from the FMN group's operational leadership.

The medical supplies being facilitated 331,000 pieces of PPE (N95 Masks, Coveralls, Protective gloves, Protective eyewear) enough to provide regular use for 10,000 Nigerian health care professionals over two months; 35,000 laboratory-based testing capacity; 100/day field-testing capacity; and 75 Ventilators to be distributed through the NCDC

The FMN Group Chief Operating Officer, Boye Olusanya, in a statement to kick off the company's COVID-19 response action stressed: 'To reduce the impact of the coronavirus outbreak, FMN will continue to work with the federal government and related agencies to provide relief materials.

'The safety of Nigerians is paramount to us, so we encourage all Nigerians to adhere to the necessary protective measures against the virus and its spread', Olusanya advised.

© Pakistan Press International, source Asianet-Pakistan

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Financials
Sales 2022 911 B 2 223 M 2 223 M
Net income 2022 26 584 M 64,9 M 64,9 M
Net Debt 2022 - - -
P/E ratio 2022 4,32x
Yield 2022 9,32%
Capitalization 120 B 292 M 293 M
Capi. / Sales 2022 0,13x
Capi. / Sales 2023 0,12x
Nbr of Employees 5 083
Free-Float 35,8%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 5
Last Close Price 29,30 NGN
Average target price 42,03 NGN
Spread / Average Target 43,5%
EPS Revisions
Managers and Directors
Omoboyede Olusanya Chief Executive Officer, Group MD & Director
Anders Kristiansson Chief Financial Officer
John George Coumantaros Chairman
Narhari Prasad Tripathi Director-Manufacturing & Technical Services
Nassib Raffoul Chief Operating Officer-Agro-allied
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