Nigeria based company Honeywell Flour Mills Plc announced 7,34 million dollars profit.
One of the leading mills of Nigeria, Honeywell Flour Mills, announced their profit for the half year is 7,34 million dollars. According to the news of Nigerian Tribune; leader in the production of high quality wheat and high quality cassava based products, Honeywell Flour Mills Plc (HFMP) has released a three per cent increase in its profit before Tax (PBT) for the half-year period ended on 30 September, 2014. Honeywell’s PBT increased to 7,34 million dollars from 7,13 million dollars that was recorded in the period under view of the last fiscal year. A noteworthy cut in the company’s finance cost seems the reason for that.
In the company’s release, it is stated that revenue declined moderately to 145 million dollars (N26.9 billion) from 150 million dollars (N27.8 billion) reported a year earlier. High raw material costs and an effect of the current state of insecurity in the North-East part of the country are thought to have caused the decline in revenue.
However HFMP stays optimistic on its future performance. Moreover, HFMP hopes to receive benefits of the ongoing diversification and expansion projects it is currently undertaking, some of which are expected to be completed in 2016. Specifically, the Company is expanding its noodles production capacity within the next quarter. Also, Honeywell Flour Mills recently launched a new bread flour product which has been readily accepted by bakers nationwide.