(MENAFN - Muscat Daily) The board of directors of Oman Flour Mills Company (OFM) has recommended a 25 per cent cash dividend for shareholders.
''The board recommends to the annual general meeting (AGM), proposed to be held on September 30, 2012, to distribute cash dividend of 25 per cent (25bz per share) of the paid up capital to shareholders who are registered in the company's register with Muscat Depository & Registration Company on the date of the annual general meeting,'' OFM said in its announcement on the Muscat Securities Market (MSM) website.
The OFM board also approved the audited financial statements of the company for the year ended June 30, 2011.
Supported by a government subsidy on feed, net profit at OFM jumped 45 per cent to RO7.6mn in the first half of 2012.
Analysts estimate that OFM accounted for between RO4.5mn-RO5mn of government subsidy on feed and they believe the revenue from its new industrial bakery operations also helped boost profit margins.