- Honeywell Flour Mills Plc (HFMP), manufacturer of wheat-based food products has declared N49 billion sales for the financial year, April 1, 2014 to March 31, 2015.
- This represents 11 per cent decline relative to N55 billion achieved the year before. A statement attributed this to the pressure from intense competition, around price war and the falling value of he Naira.
- However, the company declared a profit before tax (PBT) of N1.4 billion and profit after tax (PAT) of N1.1 billion.
- Other key performance indicators were: finance costs reduced by 35 per cent and total assets rose six per cent to N67.9 billion in the company’s balance sheet.
- The company attributed the challenging results to several factors including the Apapa traffic gridlock and declining infrastructure around the ports. Roads leading to and from Apapa have effectively become car parks.
- Truck parking facilities around the ports that should have been completed years ago seem to have become abandoned projects.
‘’These problems have compromised our logistics efficiency by frustrating the prompt loading of products resulting in longer loading turnaround times and reduced stock turnover’’, said the statement.
Source: The Guardian