Honeywell Flour Mills Plc. has stated that its ultra-modern factory to be commissioned by the first quarter of 2018 would increase the firm’s total installation capacity by 150 per cent.

Honeywell Flour Mills Plc. currently operates capacity of 48 per cent but the additional 125,000 tons to be generated on the completion of the factory by Q1, 2017 will increase capacity by 150 per cent. According the news of The Guardian, the Managing Director of the company, Olanrewaju Jaiyeola answered the questions from journalists at the end of the Honeywell Flour Mils’ 2016 yearly general meeting, held in Lagos. He said, “On the new factory, we have in place four paster lines with total install capacity of 125,000 tons and over our current capacity of 48, this is about 150 per cent increment.” Reviewing its performance, the Chairman of the company, Dr. Oba Otudeko told shareholders that 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. He explained that the company also grew total revenue from N50.88 billion in 2016 to N53.23 billion in 2017, representing five percent increase year-on-year.