Honeywell Flour Mills Posts N21.3bn Pre-tax Profit

Honeywell Flour Mills Plc has posted profit before tax of N21.39 billion in its results for the financial year ended March 31, 2025.

The company audited results released on the Nigerian Exchange (NGX) showed that this marks a strong recovery from the N8.5 billion loss reported during the same period in 2024, driven by a significant reduction in exchange losses and a surge in revenue.

Total revenue stood at N373.5 billion, up 98.35 per cent from N188.3 billion recorded in the same period last year. Cost of sales rose by 118.80 per cent to N341.2 billion from N155.97 billion in 2024, while gross profit declined slightly by 0.30 per cent to N32.2 billion from N32.34 billion in 2024.

Meanwhile, total assets increased by 12.73 per cent, reaching N167.9 billion as at March 31, 2025. In 2022, Flour Mills of Nigeria (FMN) acquired a majority stake in Honeywell Flour Mills, a subsidiary of Honeywell Group. This acquisition involved FMN acquiring a 71.69 per cent stake in Honeywell Flour Mills, formerly a portfolio company of Honeywell Group, and a 5.06 per cent stake in HFMP held by First Bank of Nigeria Limited.

Group managing director, FMN, Boye Olusanya, stated that, “we are delighted that approvals have been received and we are all set to begin execution of this landmark transaction that would positively impact Nigeria’s food security architecture and overall competitiveness.”

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He explained that, “our combined brands and businesses will mean an expansive scale of food production for both Nigeria and Africa. Together, Flour Mills of Nigeria and Honeywell Flour Mills will be able to achieve rapid growth while maintaining high-quality products serving the evolving needs of our consumers.

“The acquisition will further serve as a catalyst for an even stronger stream of innovation that is focused on local content offerings, enabling our customers across the nation to seamlessly benefit from improved access to a wider product range and a robust pan-Nigerian distribution network.”