Honeywell Flour Mills Plc. has released its audited financial results for the full year ended 31st March, 2017.

The Company recorded a remarkable 191 percent increase in gross profit from N4.36 billion to N12.71 billion in the financial year under review. It also grew total revenue from N50.88 billion in 2016 to N53.23 billion in 2017, representing a 5 percent increase year-on-year. The Company achieved a 291 percent increase in profit before taxation, to N5.47 billion in 2017 from a loss position in 2016. Consequently, the Company declared a dividend of 6 Kobo per ordinary share to its shareholders at its just concluded 8th Annual General Meeting, held on Friday, 22nd September 2017.

Speaking during the Annual General Meeting (AGM), Chairman of the Company, Dr Oba Otudeko, said the Company’s current performance indicated a leap from the results of the financial year 2016. Dr Otudeko attributed the improved earnings and profits to the Company’s relentless focus on lower cost sourcing for raw materials and foreign exchange and increased efficiency in manufacturing. “In FY2017, we reaped the benefits of a well-executed input cost management strategy”, he added.

Speaking further, the Chairman said: “Our results show continued growth and a substantial step-up in profitability despite the volatile economic environment. It was achieved largely through improved efficiency. Our manufacturing function drove further efficiencies through continuous improvement projects that enhanced engineering and plant maintenance processes and ensured higher levels of production efficiency.”
Also speaking at the AGM, Managing Director of HFMP, Mr Lanre Jaiyeola, noted that the Company was making significant changes to its business in order to lay a better platform for the years ahead. “In FY2018 and on the heels of an improving economic environment, we expect to record further improvements in performance, reigniting our growth agenda and extracting increased efficiency and cost reduction through a recently launched company-wide transformation and continuous improvement programme.”, Jaiyeola said.

Reacting to the results, a shareholder, Sir Sunny Nwosu, commended the Company’s efforts at ensuring that it remains on the path of growth, urging them to continue to focus on lower cost sourcing for raw materials.

Reacting to the results, a shareholder, Sir Sunny Nwosu, commended the Company’s efforts at ensuring that it remains on the path of growth, urging them to continue to focus on lower cost sourcing for raw materials.

Nwosu charged the board and management to remain steadfast with its aggressive strategies to further grow market share and increase revenue significantly in alignment with its mandate.

Finally, the Chairman assured shareholders of the board and management’s dedication, diligence and commitment to the company’s mission, which is to produce consistently good quality flour and other wheat based products for the complete satisfaction of its highly valued customers and consumers.

SOURCE: https://brandspurng.com/honeywell-flour-mills-posts-n53-27bn-revenue/

Ok

So far, very few companies declared loss despite the recession...

So, we should fry honey

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One of my dream places of work. I know nothing is impossible. May Allah provide good sustenance for me and my fellow Nairalanders. Aameen!

great

These companies sabi how to use downsizing, cutting back on product quality and outsourcing to keep raking profits.

Recession or no recession, companies must make profit. A company that consistently post losses for years would surely go under

In hard time, some are still mqkinq it... God please bless me and my fellow NLders.

Large funds, agriculture just remains another way forward.

Nice!

froz:
Honeywell Flour Mills Plc. has released its audited financial results for the full year ended 31st March, 2017.

The Company recorded a remarkable 191 percent increase in gross profit from N4.36 billion to N12.71 billion in the financial year under review. It also grew total revenue from N50.88 billion in 2016 to N53.23 billion in 2017, representing a 5 percent increase year-on-year. The Company achieved a 291 percent increase in profit before taxation, to N5.47 billion in 2017 from a loss position in 2016. Consequently, the Company declared a dividend of 6 Kobo per ordinary share to its shareholders at its just concluded 8th Annual General Meeting, held on Friday, 22nd September 2017.

Speaking during the Annual General Meeting (AGM), Chairman of the Company, Dr Oba Otudeko, said the Company’s current performance indicated a leap from the results of the financial year 2016. Dr Otudeko attributed the improved earnings and profits to the Company’s relentless focus on lower cost sourcing for raw materials and foreign exchange and increased efficiency in manufacturing. “In FY2017, we reaped the benefits of a well-executed input cost management strategy”, he added.

Speaking further, the Chairman said: “Our results show continued growth and a substantial step-up in profitability despite the volatile economic environment. It was achieved largely through improved efficiency. Our manufacturing function drove further efficiencies through continuous improvement projects that enhanced engineering and plant maintenance processes and ensured higher levels of production efficiency.”
Also speaking at the AGM, Managing Director of HFMP, Mr Lanre Jaiyeola, noted that the Company was making significant changes to its business in order to lay a better platform for the years ahead. “In FY2018 and on the heels of an improving economic environment, we expect to record further improvements in performance, reigniting our growth agenda and extracting increased efficiency and cost reduction through a recently launched company-wide transformation and continuous improvement programme.”, Jaiyeola said.

Reacting to the results, a shareholder, Sir Sunny Nwosu, commended the Company’s efforts at ensuring that it remains on the path of growth, urging them to continue to focus on lower cost sourcing for raw materials.

Reacting to the results, a shareholder, Sir Sunny Nwosu, commended the Company’s efforts at ensuring that it remains on the path of growth, urging them to continue to focus on lower cost sourcing for raw materials.

Nwosu charged the board and management to remain steadfast with its aggressive strategies to further grow market share and increase revenue significantly in alignment with its mandate.

Finally, the Chairman assured shareholders of the board and management’s dedication, diligence and commitment to the company’s mission, which is to produce consistently good quality flour and other wheat based products for the complete satisfaction of its highly valued customers and consumers.

SOURCE: https://brandspurng.com/honeywell-flour-mills-posts-n53-27bn-revenue/

*Buhari's To Do List*
1. Publicly declare his assets with official release verified by CCB.
2. Bring Dasuki to court and prosecute him.
3. End medical tourism with setting personal example.
4. Prosecute Babachir Lawal indicted in Grasscutter looting from IDP scandal.
5. Prosecute NIA boss Ayodele Oke and wife over $43 million Ikoyi stash.
6. Lock up a single looter cabal.
7. Prosecute Goodluck Jonathan for corruption, crimes against humanity.
8. Try Ibrahim Babangida, Obasanjo, Abdulsalami and other leaders for corruption, crimes against humanity.
9. Release list of looters who refunded some money to the government with amount looted and deal brokered.
10. Proceed with the Halliburton looting scandal allegedly involving Atiku, OBJ, IBB, Abdulsalami and others.
11. Clean up the Niger Delta.
12. Promote modular refineries in the Niger Delta.
13. Name and prosecute a single cabal sponsor of Boko Haram.
14. Investigate Buratai over the Dubai properties and other millions of dollars assets in Nigeria.
15. Investigate Fashola over Lagos million dollar borehole and hundreds of thousands of dollars personal website scandals.
16. Open up on Dambazzau's alleged removal from the Arms Panel corruption report.
17. Investigate Dangote, Saraki and others listed in the Panama Papers report.
18. Act on the report of the Kaduna Judicial Inquiry on the Zaria massacre.
19. Obey the court order to release Sheikh Zakzaky and his wife, Zeenat.
20. Investigate Kaduna state government's admission of funding Fulani terrorists involved in massacres in Nigeria.
21. Probe Kano government over unconditional pre-trial release of suspects in murder of Mrs. Bridget Agbahime.
22. Probe Borno governor Kashim Shettima over statements that he knows sponsors of Boko Haram but will not release them to protect heads from rolling.
23. Probe government prosecution for setting Senator Ndume free by not bringing witnesses Konduga, Namadina Sambo and Adoke to court for his case of alleged Boko Haram sponsorship.
24. Probe Godwin Emefiele over FOREX subsidy scam that is worse than previous administration's fuel subsidy scam
25. Probe and prosecute former security chiefs and current army chief Buratai, then procurement head, over Boko Haram proliferation, looting of funds for military and war against Boko Haram.
26. Release lists of victims in the Zaria massacre, Abia massacre, Onitsha massacre and Umuahia massacres.
27. Investigate details of the "illegal" amnesty granted by the military to Boko Haram terrorists without approval by the Council of State as constitutionally demanded.

Stabilize electricity and see Nigeria triumph

I may be wrong, but most companies doesn't take CSR serious despite huge revenues.

This is nothing compared to what the Telecom make.
Nigerians spend 197 billion naira monthly on internet alone

Which audit firm confirmed these figures?

Ok

9japrof:
These companies sabi how to use downsizing, cutting back on product quality and outsourcing to keep raking profits.

Recession or no recession, companies must make profit. A company that consistently post losses for years would surely go under

If you are a business owner, you ll do what is best for your business

If they can be generating this huge amt,they should assist d govt by creating more jobs directly or indirectly.

Shorsky1:
If they can be generating this huge amt,they should assist d govt by creating more jobs directly or indirectly.

they employ na.. what else should they be doing?

9japrof:
These companies sabi how to use downsizing, cutting back on product quality and outsourcing to keep raking profits.

Recession or no recession, companies must make profit. A company that consistently post losses for years would surely go under

Shareholders want increased wealth so the management cares little about the negative impact of maximising shareholders wealth since thats their primary objective.

Happy money to those that bought their stock