By Nkiruka Nnorom
HONEYWELL Flour Mills Plc has recorded N19 billion gross earnings for its first quarter (Q1) ended June 30, 2019, representing seven percent increase compared to N17.7 billion posted in the corresponding quarter in 2018.
Breakdown of the company’s result released on the Nigerian Stock Exchange, NSE, showed that the operating profit increased by 52 percent to N1.54 billion from N1.02 billion, while Profit After Tax, PAT, at N108 million was six percent increase against N102 million posted in the same period in 2018.
However, finance expenses rose 58 percent to N1.4 billion from N892 million in the corresponding quarter in 2018.
Commenting, Lanre Jaiyeola, Managing Director, Honeywell, explained that growth in earnings was driven by sales of various pasta products, which led to the continued strong performance of the B2C business line.
“With the commencement of full commercial production at our ultra-modern foods and agro-allied complex in Sagamu, Ogun State, we were able to grow our capacity to meet the increasing demand for our pasta products which is evidenced by the impressive 157 percent volume increase.”