Honeywell Flour Mills shareholders okay N1.031b dividend

SHAREHOLDERS of Honeywell Flour Mills Plc have approved N1.031 billion dividend for the year ended March 31, 2011, representing 13 kobo per share.Briefing shareholders during the company's yearly general meeting in Lagos, Chairman of Honeywell Flour Mills Plc, Dr. Oba Otudeko explained that within the period under review, earnings per share recorded 112 per cent to 31.43 kobo, up from 14.83 kobo in the preceding year.Also, turnover for Honeywell Flour Mills Plcand its subsidiary, Honeywell Superfine Foods Limited, increased from N33.52 billion in the financial year ended March 31, 2010 to N34.06 billion in 2011.Profit before tax and profit after tax stood at N3.52 billion and N2.49 billion respectively in 2011 as compared to N2.33 billion and N1.18 billion in 2010,representing an increase of 51 per cent and 112 per cent respectively. Shareholders' funds grew by 12 per cent to N15.13 billion from N13.51billion in 2010.Otudekoattributed improvement in the company's earnings to management's commitment to efficient cost and treasury management; improved internal business processes and systems; outstanding customer services and development of strong brands and high quality products.He assured shareholders that the company will continue to respond appropriately to changes in the operating environment in order to improve performance.The company, according to him, is currently increasing its milling capacity by 1,000 metric tonnesper day to 2,600 metric tonnes per day and 'making additional investments in high-end technology milling equipment and machinery, power generation, storage and packaging facilities'.Meanwhile, the company explained that'additional capacity will come from twin-mills of 500 metric tonnes per day capacity each and the first of these mills is expected to be completed and commissioned by May 2012 while the second should come on stream by September 2012.'The expanded production capacity will afford the company the opportunity to increase volumes with a bias towards more profitable products such as Honeywell Semolina and Honeywell Wheat Meal, which will generate more revenue and profits,' said Otudeko.
Click here to read full news..