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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.

Published

6 months ago

November 3, 2020

Omokolade Ajayi

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.

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.

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.

Published

3 months ago

February 2, 2021

Adeyemi Adebayo

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

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.

Published

3 months ago

February 2, 2021

Adeyemi Adebayo

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

Nairametrics

Honeywell reports N300 million pre-tax profits in Q2 2020

live feed

Honeywell reports N300 million pre-tax profits in Q2 2020

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Company Results

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

Company Results

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

Nairametrics | Company Earnings