Honeywell Flour Records N1.8bn Profit in Six Months

19 Nov 2012

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Chairman of Honeywell Flour, Mr. Oba Otudeko

Honeywell Flour Mills Plc last week reported a profit growth of 36 per cent for the half year ended June 30, 2012; thereby raising investors’ hope for a higher dividend at the end of its  current financial year ending March, 2013.

In its unaudited result made available to Nigerian Stock Exchange (NSE), the company, one of Nigeria’s leading Fast Moving Consumer Goods (FMCG) companies, recorded a turnover of N21.93 billion in 2012. This showed a growth of 17 per cent above the N18.68 billion in the corresponding period of 2011.

Profit before tax rose from N1.32 billion to N1.79 billion, while profit after tax grew by 36 per cent from N959 million to N1.309 billion, reflecting the company’s ability to contain costs while achieving increases in sales.

Its total assets also witnessed a growth, rising from N38.59 billion to N50.96 billion. Specifically, property, plant and equipment assets grew 83 per cent  as the company prepares to inaugurate  its new  mills facility comprising  a state-of-the-art milling equipment with additional capacity of 1,000 metric tonnes per day, three additional grains storage silos and handling equipment; and automated warehousing facilities with high-tech inventory management systems.  

Commenting on the result, Chairman of Honeywell Flour, Mr. Oba Otudeko, said: “We have a highly experienced Board and a very professional management team who are all working hard to continuously grow the business. Despite the obvious challenges in our business environment, this half-year result reinforces the positive outlook for our company’s full year result and the sustainability of its current growth momentum well into the foreseeable future.”

Honeywell Flour Mills Plc. is one of the largest flour millers in Nigeria and is the preferred producer of high quality bread flour and other wheat based foods. Its brands include: Honeywell Superfine Flour, Honeywell Semolina, Honeywell Whole Wheat meal and variants of Honeywell pasta and Honeywell Instant Noodles.

Tags: Nigeria, Featured, Business, Oba Otudeko

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