Honeywell Flour Mills Plc (HFMP) announced N16.1 billion gross profit for the year ended March 31, 2018. The result was announced at the company’s ninth Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos.
The profit grew by 26 per cent from N12.7 billion in the previous year even as the profit after tax (PAT) stood at N4.4 billion.
The company’s revenue grew by 34 per cent to N71.5 billion within the period under review, as against N53.2 billion recorded in the corresponding period of 2017.
Speaking at the event, Chairman of the Board of Directors, Honeywell Flour Mills Plc, Oba Otudeko, said that in the period under review, the company was extremely focused on its main priority which was consistent delivery of profitable top line growth through high capacity utilization rates.
He assured shareholders that in the new financial year, the company will remain committed to its vision to build market strong, highly desired and recognizable consumer brands that are well distributed across Nigeria.
The Chairman however called on the Federal Government to address the challenges associated with roads in and around Tin Can and Apapa ports, which is affecting businesses operating from that axis. He encouraged the Federal Government to allow active participation of the private sector in the development and operation of ports in strategic regions of the country.
Managing Director of HFMP, Lanre Jaiyeola, said the company successfully contended with macroeconomic challenges, including higher energy and transportation costs, through meticulous execution of its Continuous Improvement Strategy.
He said the company implemented strategic projects to limit production losses, conserve energy, and to reduce downtime from equipment failure.