Shareholders of Honeywell Flour Mills (HFM) Plc Tuesday approved the N1.3 billion dividend recommended by the board of directors which in effect translates to 16 kobo per share.
The dividend also translate to a yield of 6% which is above the historical industry average of 5%. However, the critical information to take from the AGM is the remarks from the company Chairman, Oba Otudeko.
He talked about the 1000 metric tonnes increase in capacity, which i blogged about when I last reviewed their financials.
“The full impact of this has increased our capacity on Semolina, Wheat Meal and Flour sales volumes, which will be fully felt in the financial year ending March 2014,” he said.
The company CEO also claimed their very impressive ad had helped,propelled their noodles business from number 5 to number 2 in terms of market share.
“By the end of the financial year, our Noodles brand had moved from number five within the Noodles category to number two; thereby making the Honeywell Noodles to grow by 47 per cent by the end of the financial year to N4.1 billion when compared to 2012,” Odunayo said.
Information from Thisday was used in writing this article.
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