The shareholders of Honeywell Flour Mills Plc have approved a total dividend payment of N475.8 million for the year ended March 31, 2018.
The dividend which amounted to six kobo per share were approved by the shareholders at the company’s ninth Annual General Meeting (AGM) held in Lagos at the weekend.
The shareholders commended the company’s performance in the year under review and urged the management to improve and declare a better performance and return on investment in the current year.
The president of Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, commended the efforts of the board and management of Honeywell Flour Mills for the impressive results.
He said “he was particularly excited about the news that production will soon commence at the new Sagamu factory site, which should translate to higher sales and revenue.”
Addressing shareholders, the chairman of the company, Dr. Oba Otudeko said “the company’s revenue grew by 34 per cent to N71.5 billion within the period under review, as against N53.2 billion recorded in the corresponding period of 2017.”
He stated that gross profit grew by 26 per cent from N12.7 billion in the previous year to N16.1 billion, saying that the company posted an impressive profit after tax (PAT) figure of N4.4 billion.
He noted that in the period under review, the company was extremely focused on its main priority which was consistent delivery of profitable top line growth through high capacity utilization rates.
Otudeko assured shareholders that in the new financial year, the company will remain committed to its vision to build market strong, highly desired and recognizable consumer brands that are well distributed across Nigeria.
The chairman however called on the federal government to address the challenges associated with roads in and around Tin Can and Apapa ports, which is affecting businesses operating from that axis.
He encouraged the federal government to allow active participation of the private sector in the development and operation of ports in strategic regions of the country.
“The existing ports in Lagos are overcrowded. There is the need for government to address these challenges to improve trade movement. Private sector participants should be allowed to build ports to support government’s efforts”, Otudeko said.
Also, managing director of Honeywell Flour, Mr. Lanre Jaiyeola, said the company successfully contended with macro-economic challenges, including higher energy and transportation costs, through meticulous execution of its continuous improvement strategy.
Jaiyeola also assured investors that the company remains very optimistic about the future of the business. He said the company is looking forward to the new financial year with excitement given the enormous work that has been done to ensure commencement of production at the new factory site in Sagamu and roll out of new products.
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