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Honeywell shareholders seek tax relief from FG, okay N475m dividend

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Stories by Peter Egwuatu

SHAREHOLDERSs of Honeywell Flour Mills Plc have urged its Board of Directors to seek for tax relief from the Federal Government, just as they endorsed N475 million dividend for the financial year ended March 31, 2018.

The shareholders that spoke at the company’s 9th Annual General Meeting (AGM) in Lagos last week applauded the management for the financial results recorded in the period under review despite the inclement operating environment.

The leaders of the various shareholders groups commended the efforts of both the Board and Management in the ongoing project  in Shagamu, Ogun State, and urged the Board to seek for tax relief in view of the huge investment being made in its Shagamu Plant, which would be commissioned before the end of this year 2018.

The company’s financial results show that revenue grew by 34 percent to N71.5 billion within the period under review, as against N53.2 billion recorded in the corresponding period of 2017.

The gross profit grew by 26 percent to N16.1 billion from N12.7 billion in the previous year , while company also posted an impressive Profit After Tax (PAT) f of N4.4 billion.

Speaking at the event, Chairman of the Board of Directors, Dr. Oba Otudeko, said that in the period under review, the company was extremely focused on its main priority which was consistent delivery of profitable top line growth through high capacity utilization.

He assured shareholders that in the new financial year, the company will remain committed to its vision to build market strong, highly desired and recognizable consumer brands that are well distributed across Nigeria.

He, however, called on the Federal Government to address the challenges associated with roads in and around Tin Can and Apapa ports, which is affecting businesses operating from that axis. He encouraged the Federal Government to allow active participation of the private sector in the development and operation of ports in strategic regions of the country.

In his own remarks, the Managing Director, Mr. Lanre Jaiyeola, said the company successfully contended with macroeconomic challenges, including higher energy and transportation costs, through meticulous execution of its Continuous Improvement Strategy.

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