The board of Flour Mills of Nigeria Plc, has announced N258.3 billion turnover for the year ended March 31, 2012, compared with N238.8 billion attained in the previous year.

However, profit after tax, dropped from N9.450 billion in the previous year to N8.377 billion as at March 2012.

Presenting its result to the Nigerian Stock Exchange (NSE), the company explained that it had proposed to reward shareholders with N1.60 kobo, while the yearly general meeting is scheduled to hold September 12, 2012.

According to the result, cost of sales rose to N218.702billion as against N198.612 billion in 2011, while distri-bution, selling and ad-ministration expenses stood at N21.182 billion.

Making reference to its balance sheet, the board puts property, plant and equipment within the period at N103.744 billion, as against N71.802 billion in the previous year.

Working capital was put at N32.532billion from N18.406 billion, leaving net assets at N82.341 billion, against N49.995 billion.

Meanwhile, the com-pany has announced the appointment of Mr Pete Low as its new Chief Commercial Officer. Prior to this appoint-ment, he was for over 10 years the Managing Director of Nigerian Bag Manufacturing Company PLC (BAGCO), a subsidiary of Flour Mills of Nigeria PLC.

Pete brings to his new job many years of manage-rial experience in turning around and growing companies profitability. In his new assignment, he will be responsible for all retail commercial operations, the realisation of all development efforts and the downstream logistics and distribution chan-nels. These activities, which form a key part of Flour Mills Group’s food and agro-allied busines-ses exceed N75 billion and is expected to increase significantly in the years ahead.

Succeeding Pete as the Managing Director of BAGCO is Abiodun Ogunkoya. Abiodun, who has been with BAGCO for over 30 years, last three of which he served as the Deputy Managing Direc-tor, will bring his deep general managerial experience to the new office.

Mr Kevin Wern-berg, who takes over as BAGCO’s Deputy Managing Director will oversee the operational and technical aspects of the business.In announ-cing these appoint-ments, Flour Mills Chairman, Mr. George Coumantaros, said, “these executives are individuals of personal integrity, with long records of assuming ownership of the busi-ness challenges they have encountered, taking initiative to create value for our customers and being effective drivers of company results.”