Honeywell Flour Mills Plc has recorded a decline of 98.46 per cent in its net profit for the year ended March 31, 2019.
The company in its audited result released on the Nigerian Stock Exchange (NSE) showed that its net profit went down to N68.368 million from N4.43 billion in 2018. The company’s earning per share dropped to one kobo from 56 kobo, representing a loss of 98.46 per cent.
However, its revenue rose by 4.10 per cent to N74.409 billion from N71.476 billion in 2018, while cost of revenue went up by 13.49 per cent from N55.42 billion in 2018 to N62.9 billion under the period review.
The company also recorded a Gross Profit Margin (GPM) of 15 per cent, while operating profit reduced by 58.7 per cent to N3.9 billion
Total assets went up by 10.15 per cent to N137.51 billion against N124.84 billion in the corresponding period of 2018, while total shareholders’ fund marginally went up by 0.49 per cent to N56.67 billion, compared to N56.39 billion in 2018.
The company commenced commercial operations from its new ultra-modern pasta plant at its Sagamu factory during the financial year. The company expected that concentrating pasta production in one location and sales of the increased volumes of pasta will boost revenues of the business, thereby improving the operating profit in the coming years.
Speaking on the company performance, managing director, Lanre Jaiyeola said, “Despite the humongous challenges operating out of our flour mill in Tin Can Island, Apapa, our 2019 year end results shows a 4 per cent growth in revenue to N74.4 billion from the N71.5 billion recorded in the previous year which is an all-time high for the company.
“The growth in sales volume and revenue is testament to the strength of our brands portfolio even in a difficult operating environment. Due to higher input costs, particularly cost of purchasing wheat, cost of sales increased by 13.5 per cent to N62.9 billion.
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