Honeywell Flour Mills’ Q2 Net Profit Declines By 57%

Honeywell

Honeywell Flour Mills PLC, a major competitor to Dangote Flour Mills PLC said its net profit for 2nd Quarter ended September 30, 2016, declined by 57% year on year.

Gross revenue also fell by 7% to NGN24,4 billion compared to NGN26,1 billion declared last year.

Total asset for the period increased to NGN112 billion compared to NGN78 billion disclosed as total liabilities.

Corporate information

Honeywell Flour Mills Plc was initially registered as Gateway Honeywell Flour Mills Limited on 21 June, 1983. A change in the company’s ownership structure led to a change of the name to Honeywell Flour Mills Limited in June, 1995. The Company was converted to a Public Liability Company in 2008. Its shares were listed on the Nigeria Stock Exchange (NSE) in 2009. As part of its vertical integration strategy, the Company acquired 100% ownership of Honeywell Superfine Foods Limited, manufacturers of pasta and noodles in 2008.

Honeywell Flour Mills Plc is a company domiciled in Nigeria. The company is principally engaged in the manufacture and marketing of wheat-based products including flour, semolina, whole wheat meal, noodles and pasta.

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