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Honeywell reports N300 million pre-tax profits in Q2 2020

Honeywell Flour mills reported impressive H1 2020/2021 results, despite pressures from an increase in the cost of sale.

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Honeywell flour mills plc, fy 2019

Honeywell Flour Mills announced its unaudited second quarter (ended September 2020) financial results, showing continued growth. Profit before tax grew by 26.6% to N300 million.

READ: MTN Nigeria posts N975.76 billion revenue for Q3 2020

This information is contained in the financial statements which was made available to the investing public today. 

READ: Nigeria generates N424.71 billion VAT in Q3 2020

Key highlights for 2020 6M (ended Sept. 2020)

  • Revenues increased to N56.91 billion, +44.27%.
  • Cost of Sales increased to N48.17 billion, +49.63%.
  • Gross Profit increased to N8.74 billion, +20.49%.
  • Selling and distribution cost increased to N5.16 billion, +19.71%.
  • Finance cost increased to N3.35 billion, +20.7%.
  •  Pre-tax profits increased to N300 million, +26.6%.
  • Earnings Per Share increased to 2.57 kobo, +7.08%.

READ: Fidelity Bank posts N20.41 billion profit in nine months

Bottom Line 

Honeywell Flour mills reported impressive H1 2020/2021 results, despite pressures from increase in the Cost of sale.

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This impressive performance is on the back of sustained growth in the key business segment of the miller, which was driven by the border closure since August 2019. 

READ: Flour Mills of Nigeria Plc: Increase in agro-allied, others boost revenues

The company continues to capitalize on the gains from the border closure due to the strategic placement of its business in the industry.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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