The Honeywell Flour Mills Plc has announced its audited results for the year ended March 31, 2017 posting a revenue of N53.2billion.
The amount is about 5 percent from N50.9billion recorded a year ago.
This increase was achieved despite the general squeeze on consumer spending due to the macroeconomic headwinds experienced nationwide in 2016.
A statement from the company’s management indicated that they implemented forward-looking strategies aimed at input cost management and efficiencies in the overall supply chain management process.
As a result of this, cost of sales declined by 13 percent to N40.5 billion compared to N46.5 billion recorded in the previous year.
A combination of increased turnover and reduced cost of sales resulted in a 191 percent increase in gross profit to N12.7 billion, for the period.
Overall, the company recorded a profit before tax of about N5.5 billion, a swift recovery from the loss of N2.8 billion recorded in full year 2016.
Commenting on the results, the Managing Director of the company, Mr. ‘Lanre Jaiyeola, said the results were achieved as a result of the determination to exceed the expectations of all stakeholders.