VENTURES AFRICA – Leading Nigerian miller Honeywell Flour Mills Plc posted 33 billion naira ($200 million) representing 18 percent increase in turnover to for the nine months ended December 31, 2012, compared with 27.9 billion naira ($170 million) recorded in the same period of the previous year.
In an official statement, the company said it managed a slight increase in profit after tax from 1.714 billion naira in the previous year to 1.719 billion naira, despite increased cost of production and an increasingly tough economic environment.
The company’s CEO Mr Babatunde Odunayo expressed gratitude to its loyal customers who he said are responsible for Honeywell’s “consistent quarter-to-quarter solid performance.”
We are glad that our persistent focus on quality as our unique selling proposition has resonated well with our consumers, thereby resulting in the 18 percent growth in turnover,” he said.
Honeywell Flour Mills is a subsidiary of Honeywell Group which is an indigenous conglomerate established in the 1970s.
It operates as a diversified group with business interests in key sectors of the Nigerian economy, including foods and agro-allied, energy (oil, gas and power), infrastructure, real estate and services.