Honeywell Flour Mills profit soars

by Eric Schroeder
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LAGOS, NIGERIA — Honeywell Flour Mills PLC, a flour milling company that manufactures and markets wheat-based products in Nigeria, posted profit of 2.782 billion naira (U.S. $7.7 million) in the nine months ended Dec. 31, 2017, up 110% from 1.323 billion naira in the same period a year ago.

Revenue in the most recent nine months also improved, increasing 44% to 54.645 billion naira (U.S. $151.8 million) from 37.974 billion naira.

Operating profit totaled 7.058 billion naira in the nine months ended Dec. 31, 2017, up 22% from 5.801 billion naira in the same period a year ago.

During the third quarter ended Dec. 31, 2017, profit totaled 568 million naira, down 39% from 934 million naira in the same period a year ago. Sales during the quarter increased to 15.514 billion naira from 13.551 billion naira, while operating profit fell to 1.723 billion naira from 2.662 billion naira.

Honeywell Flour Mills is a major flour milling company in Nigeria and was initially registered as Gateway Honeywell Flour Mills Ltd. in 1985. In June 1995, a change in the company’s ownership structure led to a change of name to Honeywell Flour Mills Ltd.

Honeywell produces and markets seven major product brands, including superfine flour, wheat meal, semolina, noodles, pasta, composite flour and brown flour. The company operates a facility at Tin Can Island Port, Apapa, Lagos, Nigeria.

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