Honeywell Flour Mills Plc recorded modest growths across key performance indicators in the first three months of its current business year, putting the flour-milling company on a good start to surpass its previous performance.
Key extracts of the interim report and accounts for the first quarter ended June 30, 2019 showed that turnover rose by 7.0 per cent to N19 billion by June 2019 as against N17.7 billion recorded in the corresponding period of 2018.Operating profit increased by 52 per cent from N1.02 billion to N1.54 billion.
Profit before tax rose from N127.56 million to N134.87 million. Net profit after taximproved by 6.0 per cent from N102.3 million in June 2018 to N107.9 million by June 2019. Earnings per share consequently improved from 1.29 kobo in 2018to 1.36 kobo in 2019.
Managing Director, Honeywell Flour Mills Plc, ‘Lanre Jaiyeola, said the improvementin the top-line was driven by sales of various pasta products, which led to the continued strong performance of our business-to-customer business line.
He noted that with the commencement of full commercial production at the company’s ultra-modern foods and agro-allied complex in Sagamu, Ogun State, the company was able to grow its capacity to meet the increasing demand for its pasta products as evidenced by the impressive 157 per cent volume increase.
(The Nation)
No comments:
Post a Comment