Honeywell records 24% revenue growth despite economic slowdown

For the business year ended March 31, 2022, Honeywell Flour Mills one of Nigeria’s leading flour milling companies and a subsidiary of Flour Mills of Nigeria Plc (FMN) grew its revenue by 24 percent to N136.4 billion from N109. 6 billion recorded on March 31, 2021.

Despite the impact of FX volatility, worsening power supply, and supply chain disruptions on its business operations, the company was able to significantly grow its revenue.

The company, which became a member of Flour Mills of Nigeria Group in May 2022 after the successful completion of the acquisition transaction continues to take pragmatic steps towards building a more sustainable brand.

Omoboyede Olusanya, the newly appointed chairman highlighted the company’s achievements in 2022 during the firm’s 2021/2022 Annual General Meeting (AGM) held recently in Lagos.

Speaking on the acquisition of HFMP by FMN, Olusanya noted that Honeywell had adhered to all statutory requirements as a listed company, and measures are being put in place to ensure that shareholders get superior returns on their investments, as well as improve efficiency and ensure sustainable growth.

“We are convinced that in the long run, the economies of scale would pay off, and integrating FMN with HFMP would be a success and yield significant benefits for all,” he said in a statement.

“We are taking this first year as a year of integration and management of the transition. It is also the year for us to put the synergies we want to achieve in place.”

He addressed various socio-economic challenges that the company had to weather in the cause of driving the affairs of the business.

He thanked shareholders for their continued support whilst reiterating the company’s commitment to delivering value to its stakeholders.

Nassib Raffoul, managing director of Honeywell Flour Mills, thereafter spoke on the company’s operations and plans.

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He highlighted Honeywell’s efforts to enhance its production capacity, improve operational efficiency, and explore new markets for its products.

The AGM saw the ratification of the appointment of seven directors, namely: Omoboyede Olusanya as chairman, Kate Osamede Iketubosin as an independent non-executive director and Nassib Raffoul as managing director.

The other non-executive directors are Anders Kristiansson, Vlasios Liakouris, Joseph Umolu, and Sadiq Usman.

The meeting ended with the review of the financial statements and the election of shareholders’ representatives as members of the Statutory Audit Committee.

Three representatives elected by the shareholders were; John Afolabi Ogundipe, Adebayo Adetunji Adeleke, and Ajani Musa Adekola.

In his closing remarks, Olusanya expressed his gratitude to the shareholders for their unwavering support and confidence in the company.

He assured them that Honeywell would continue to uphold its values of integrity, transparency, and excellence in all its operations as Honeywell Flour Mills Plc remained committed to delivering value to its shareholders and stakeholders in the years ahead.