Honeywell Flour Mills Plc saw its profit for the first quarter of the year surged by 242% to NGN4.3 billion in contrast to NGN3.0 loss recorded in the previous year.
Headline revenue rose by 5% increase in revenue of NGN53.2 million from NGN50.8 billion recorded same period 2016. Its costs of sales for the period was NGN40.5 billion against NGN46.5 billion posted in 2016.
Gross profit rose to NGN 12.7 billion compared to NGN4.3 billion recorded in the financial year 2016. Its operating profit for the period was NGN8.2 billion in contrast to NGN2.0 billion loss recorded in the year before.
The company said its profit before tax in the period in review was NGN5.4 billion against NGN2.8 billion loss posted in the fiscal year 2016.
The total asset for the period was NGN113.1 billion against NGN76.0 billion disclosed in the year before. Its total liabilities was NGN60.8 billion versus NGN59.6 billion posted in 2016.
Honeywell Flour Mills Plc (HFMP) is a major flour milling company in Nigeria and was initially registered as Gateway Honeywell Flour Mills Limited in 1985. However, in June 1995, a change in the company’s ownership structure led to a change of name to Honeywell Flour Mills Limited (HFML).
The entry of the company into the flour milling industry in Nigeria redefined industry standards as its high quality compelled an improvement in the quality of flour products by other players. Over the years HFMP has positioned itself as a market leader in milling, processing & packaging of flour and other wheat based products.
After its initial public offering (IPO) in 2008, the company became a public liability company and was listed on the Nigerian Stock Exchange (NSE) in 2009.