An efficient Flour milling company, Honey Flour Mills Plc has reported its gross earnings for Q1 to be N19 billion which ended recently representing seven percent increase compared to N17.7 billion posted in the corresponding Q1 in 2018.
Consequently, the company’s result has been broken down and released on the Nigerian Stock Exchange(NSE),which showed that the operating profit rose by 52 percent to N1.54 billion from N1.02 billion, while Profit After Tax, PAT, at N108 million was six percent increase against N102 million posted at the same time in 2018.
However, its finance expenses rose 58 percent to N1.4 billion from N892 million in the Q1 in 2018.
Commenting on the results, the Managing Director of Honeywell, Lanre Jaiyeola gave his view and explained that, the growth in earnings was driven by sales of various pasta products, which led to the continued strong performance of the B2C business line.
“With the commencement of full commercial production at our ultra-modern foods and agro-allied complex in Sagamu, Ogun State, we were able to grow our capacity to meet the increasing demand for our pasta products which is evidenced by the impressive 157 percent volume increase. He added.