Shareholders of Honeywell Flour Mills Plc have commended the impressive performance of the company for the financial year ended March 31, 2010.
The shareholders of the company at the first Annual General Meeting (AGM) as a public entity held in Lagos on Tuesday unanimously hailed the Board of Directors and management for declaring a dividend in spite of the downturn of the Nigerian capital market and the economy during the year under review.
Mr. Adebayo Adeleke, National Secretary, Independent Shareholders Association of Nigeria (ISAN) said, “ It is time the company begins to roll out drums for celebrating its achievement. When Honeywell Flour offer was brought to the market a lot of people expressed pessimism that it would be under subscribed due to the dwindling economic situation but today (Tuesday) the company has performed well to the exten that it has declared a dividend of 11 kobo per share
This has shown the public confidence in the Board and management of the company. In fact, there has been a phenomenal growth in virtually all the performance indices and we are glad today. We have not cheated the government as our company paid taxes in excess of N1 billion, shareholders funds increased more than double, same with the assets. So we really appreciate the performance and all the efforts put in place.
We only hope that any shortcomings would be subsequently tackled as the company progresses in its activities .”Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria (PSAN) said, “ This is day of celebration. Nobody believed that our company will get to this stage so soon it became a public entity.
The company has declared 11 kobo dividend even at this turbulent situation of the economy. Our politicians are not concern about the economy all they are interested is leadership but our Board of Directors are planning and working hard to ensure that the economy improves. We are looking forward that if things are put right by the politicians and our leaders our company will fly higher and we would begin to expect Naira dividend instead of kobo dividend”.
He further urged shareholders and the general public to patronize the company’sproducts, especiallythe“Wheat Meal”.According to him, “
I am using Wheat Meal together with all my households. It is nourishing with all the vitamins there in intact. So I recommend it to all. We are also happy with the donation given to the less privilege and it is our hope that their prayers will help the company to grow further”.
Sir Sunny Nwosu, National Coordinator, Independent Shareholders Association of Nigeria (ISAN) equally joined others to pour encomium on the company.
According to him, “ The Board and management has done well. No doubt the account is very impressive considering the state of our economy. We hope the tempo will be sustained. The year end of the company should reviewed and be balance up with the cycle of the year.”
Responding, Chairman of Honeywell Flour, Mr.Oba Otudeko commended the shareholders for their patronage and support to the company.
According to him, “ All suggestions and comments are well taken and would be addressed. The future of our company is bright. I foresee another year of good performance for the finan cial year ending March 31, 2011.
This is because of the quality of our brands, our professionalism, quality of internal business, processes and the reception and attention that out brands continue to attracts from our many loyal customers and consumers”.