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.
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This information is contained in the financial statements which was made available to the investing public today.
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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%.
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Bottom Line
Honeywell Flour mills reported impressive H1 2020/2021 results, despite pressures from increase in the Cost of sale.
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.
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The company continues to capitalize on the gains from the border closure due to the strategic placement of its business in the industry.
