Honeywell Flour Mills Plc (a member of the Honeywell Group) has recorded a 24% increase in revenue as contained in its unaudited results for the nine months ended December 2013, recently submitted to the Nigerian Stock Exchange (NSE).

Honeywell Flour Mills Plc (HFMP) recorded revenue of N41.03 billion between April and December 2013. This represents a significant increase from the N33.04 billion recorded in the corresponding period of the previous year. This increase in revenue was driven, largely, by the increased production capacity of the company, having recently added 1,000MT/day via two new mills.

The cummulative effect of revenue increase and reduction in costs grew the company’s profit after tax by 18% from N1.7 billion in the corresponding period of last year to N2 billion in the period under review. The income statement also showed that gross profit for the same period was N7.76 billion from the N5.48 billion reported for the corresponding nine-month period ended December 2012.