This Day (Lagos)

20 February 2013

Nigeria: Honeywell Flour Mills Records N1.7 Billion Profit in Q3

Honeywell Flour Mills Plc has recorded a turnover of N33 billion for nine months ended December 31, 2012, showing an increase of 18 per cent above the N27.9 billion recorded in the corresponding period of 2011.

The company said despite operating in an increasingly tough economic environment occasioned by significant input cost pressure, Honeywell Flour posted profit after tax of N1.719 billion, compared with N1.714 billion in 2011.

The Executive Vice-Chairman and Chief Executive Officer of Honeywell Flour Mills Plc, Mr. Babatunde Odunayo, said: "We continue to appreciate our ever loyal customers who are responsible for our consistent quarter-to-quarter solid performance. We are glad that our persistent focus on quality as our unique selling proposition has resonated well with our consumers, thereby resulting in the 18% growth in turnover.

We are increasing the investments in our brands to ensure that we continue to satisfy our customers' needs in terms of quality, affordability and accessibility of our portfolio of Honeywell branded food products".

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