Honeywell flour mills post 469% rise in profit for 6 months


Honeywell Flour Mills plc said its profit for the nine months ended September increased by 469% to NGN2.2 million compared to NGN389 thousand reported same period in the year 2016.

The company ended the period with NGN39.1 million revenue which is 60% higher to NGN24.4 million it ended the last year with while gross profit was higher at NGN9.1 million against  NGN6.4 million in the year before.

Operating Profit for the period was NGN5.3 million in contrast to NGN3.1 million posted in the fiscal year 2016.

Total assets disclosed by Honeywell Flour Mills plc was NGN129.2 million compared to NGN 113.1 million recorded in the previous year while total liabilities was NGN75.1 million versus NGN60.8 million in 2016.