Honeywell Flour Mills Plc has released its audited report for the year ended 31stMarch 2011 showing that the company recorded a significant increase of 112% in its profit after tax from N1.175bn in 2010 to N2.49bn in 2011.

Honeywell Flour Mills posted revenue growth of 2% from N33.5bn to N34.05bn but was able to significantly improve its profit margins which soared from 3.5% in 2010 to 7.3% in 2011. This was largely achieved through a programme of improved efficiencies. During the year, administrative expenses fell by 9%,whilst interest expenses reduced by 28%. There was also evidence of improved treasury and working capital management. Interest income increased from N213million toN769 million, representing an increase of 260%.