Honeywell Flour Mills Plc (NGX: HONYFLOUR) a Nigeria’s flour milling industry and a subsidiary of Flour Mills of Nigeria (FMN), has reported a solid performance for the financial year ended 31 March 2026, achieving strong profit growth despite a marginal decline in revenue.
According to the company’s audited financial statements approved by the Board on 29 May 2026, the Group recorded revenue of ₦360.85 billion, representing a 3% decrease from ₦373.51 billion in the prior year.
Despite the revenue dip, profitability improved significantly:
- Profit Before Taxation: ₦21.90 billion (up 2% from ₦21.20 billion)
- Profit After Taxation: ₦16.49 billion (up 12% from ₦14.59 billion)
- Shareholders’ Funds: ₦53.93 billion (up 43%)
- Total Assets: ₦216.71 billion (up 29%)
- Total Liabilities: ₦162.78 billion (up 25%)
On a Company (standalone) basis, performance was even stronger:
– Revenue: ₦355.95 billion
– Profit After Taxation: ₦20.09 billion (up approximately 36%)
– Shareholders’ Funds: ₦57.73 billion (up 53%)
Earnings per 50k share rose to 207.90 kobo for the Group and 253.35 kobo for the Company, reflecting improved operational efficiency and cost management amid what appears to be a challenging operating environment.
The Board of Directors has recommended a dividend payout of ₦0.20 kobo per ordinary share of 50 kobo for the year, payable net of withholding tax where applicable.
This will be presented for approval at the company’s forthcoming Annual General Meeting.
The company’s 2026 Annual Report highlights robust internal controls, risk management frameworks, and adherence to the Nigerian Code of Corporate Governance.
The Board maintains a diverse composition, including three female directors, and operates through key committees including Statutory Audit, Audit & Risk Management, and Remuneration & Governance Committees.
Honeywell Flour Mills reiterated its commitment to sustainability under the “HEED” pillars (Health & Safety, Education, Environment, and Driving Economic Growth), aligning with several United Nations Sustainable Development Goals.
The company’s shares closed at ₦21.00 on the Nigerian Exchange as at 31 March 2026.
Administrator and Writer
