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Honeywell Flour Mills declares N120 million profit in Q3 2020/21

Honeywell Flour Mills Plc has declared a profit of N120 million in the third quarter of 2020/21.

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Honeywell flour mills plc, fy 2019

Honeywell Flour Mills Plc declared in its latest quarterly filings that it made a profit of N120 million in the third quarter ended, 31st December 2020.

This is according to the figures disclosed in the company’s recent financial statement, which was published on the website of the Nigerian Stock Exchange.

The report revealed that the profit which Honeywell made in the third quarter of its accounting year 2020/2021 increased by 110.8% when compared to the loss made in the corresponding period of 2019/20.

Key highlights

  • Revenue increased to N25.13 billion, up by 34.24% Y-o-Y.
  • Cost of sales increased to N21.68 billion, up by 37.28% Y-o-Y.
  • Gross profit increased to N3.53 billion, up by 18.16% Y-o-Y.
  • Other income was stable at N20 million.
  • Selling and administrative expenses decreased to N1.95 billion, down by 26.45% Y-o-Y.
  • Operating profit of N1.60 billion was recorded, indicating an increase of 349.72 Y-o-Y.
  • Finance cost of N1.42 billion was recorded during the period under review.
  • Profit after tax increased to N120 million, from a loss after tax of N1.114 billion in the corresponding period of 2019.

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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