The shareholders of Honeywell Flour Mills Plc have approved a total dividend payment of N555.114 million for the year ended March 31, 2021.
The dividend which amounted to seven kobo per share were approved by the shareholders at the company’s 12th Annual General Meeting (AGM) held in Lagos, yesterday.
Honeywell Flour, at the meeting, informed shareholders of its 10-year-plan to increase investment in innovative product development and advanced technology infrastructure, with continued focus on operational efficiency and local content development as the key strategic drivers for increasing shareholder value and growing market share during the next financial year.
The company reiterated its commitment to sustainable growth within the industry and the provision of affordable staple foods to Nigeria’s fast-growing population.
Speaking, chairman of the company, Dr. Oba Otudeko, acknowledged the complexities of the past financial year while highlighting the company’s steady growth and its focus on the future.
He stated that “When the financial year 2020/2021 commenced, few could have imagined what the year had in store for the company and the world. We responded by working collaboratively towards the execution of our corporate goals, guided by clear priorities; keeping our people safe and motivated, ensuring supply of our food products to consumers across the length and breadth of the country, and caring for the communities where we operate. Despite the inevitable disruption to our business, we delivered a strong performance in very challenging circumstances.”
The managing director of Honeywell Flour, Lanre Jaiyeola, said the company has continued to seek innovative solutions for feeding the ever-growing Nigerian population, using affordable and easily accessible foods, while simultaneously combating inflation and rising food prices.
The company recorded an all-time high revenue of N109.5 billion, an increase of 36 per cent over N80.4 billion for the financial year ending March 2021. The company’s operating profit grew faster than revenue at 39 per cent, from N5.4 billion in full year 2020 to N7.6 billion in full year 2021.
Full year 2021 was the company’s best performing year ever revenue-wise as it crossed the N100 billion mark for the first time ever, joining an exclusive league of Nigerian companies with over N100 billion annual revenue.