Honeywell Flour Mills Posts N136.4bn Revenue In 2022

Honeywell Flour Mills Plc (HFMP) recorded significant improvements in revenue, to the tune of N136.4billion in its 2022 financial year, representing 24 per cent growth compared to N109.6billion achieved in 2021.

A subsidiary of Flour Mills of Nigeria (FMN) Plc, its 2022 Annual General Meeting (AGM) was presided over by the newly appointed chairman, Mr. Omoboyede Olusanya, who highlighted the company’s achievements in 2022.

Speaking on the acquisition of HFMP by FMN, the chairman noted that, the company had adhered to all statutory requirements as a listed company, and measures are being put in place to ensure that shareholders get superior returns on their investments, as well as improve efficiency and ensure sustainable growth.

While addressing shareholders, Olusanya said: “we are convinced that, in the long run, the economies of scale would pay off, and integrating FMN with HFMP would be a success and yield significant benefits for all. We are taking this first year as a year of integration and management of the transition. It is also the year for us to put the synergies we want to achieve in place.”

He applauded shareholders for their continued support whilst reiterating the company’s commitment to delivering value to its stakeholders.

The managing director of Honeywell Flour Mills Plc, Mr. Nassib Raffoul, thereafter, highlighted the company’s efforts to enhance its production capacity, improve operational efficiency, and explore new markets for its products.

The AGM saw the ratification of the appointment of seven directors, namely: Mr. Omoboyede Olusanya as chairman, Mrs. Kate Osamede Iketubosin as Independent non-executive director and Mr. Nassib Raffoul as managing director. The other non-executive directors are; Mr. Anders Kristiansson, Mr. Vlasios Liakouris, Mr. Joseph Umolu, and Mr. Sadiq Usman.

Three representatives elected by the shareholders to the board were Mr. John Afolabi Ogundipe, Mr. Adebayo Adetunji Adeleke, and Mr. Ajani Musa Adekola.

In his closing remarks, Olusanya expressed his gratitude to the shareholders for their unwavering support while assuring them that the company would continue to uphold its values of integrity, transparency, and excellence in all its operations.