Honeywell Flour announces 110% increase in profit

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KAYODE TOKEDE

Honeywell Flour Mills Plc has announced 110 per cent increase in profit in its unaudited third quarter (Q3) financial statement for the period ended December 31, 2017 released to the Nigerian Stock Exchange (NSE).

Key drivers to profit growth include significant increase revenue and drop in finance cost

 A breakdown of the statements showed that the Flour processing company posted profit after tax of N2.78 billion in Q3 2017 compared with N1.3 billion achieved in the same period of 2016.

The company’s revenue grew by 43.9 per cent to N54.7 billion in Q3 2017 from N38 billion in Q3 2016, while the gross profit increased to N12.6 billion from N11 billion achieved in the corresponding period of 2016.

Finance cost dropped by 20.4 per cent to N3.58 billion in Q3 2017 from N4.49 billion in Q3 2016.

Furthermore, the operating profit stood at N7.1 billion in Q3 2017, in contrast to N5.8 billion in Q3 2016.

The Flour processing company reported an increase of about 10.5per cent in total assets from N113billion in full year ended March 30, 2016 to N125 billion in Q3 2017.

Following the impressive growth in profit and balance sheet size, the share price of Honeywell Flour Mills gained N0.28 or 10 per cent on Tuesday to close at N3.08 per share from N2.80 per share.

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