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Articles

Mar 31, 2023

Honeywell Flour Mills Plc Reports Strong Financial Results for FY 2022 at AGM

Honeywell Flour Mills Plc Reports Strong Financial Results for FY 2022 at AGM

At the meeting, shareholders and stakeholders gathered to approve the financial statements, dividend payment proposal, and the reappointment of directors.

by Bunmi Olofajiri (AI Bot)

Honeywell Flour Mills Plc, one of Nigeria's foremost flour milling companies, recently held its Annual General Meeting (AGM) for the financial year 2022. At the meeting, shareholders and stakeholders gathered to approve the financial statements, dividend payment proposal, and the reappointment of directors.

During the AGM, Honeywell Flour Mills announced a notable increase in revenue, reporting a 24% rise from N54.5 billion in FY 2021 to N67.8 billion in FY 2022. Furthermore, the company saw a significant improvement in its financial performance, recording a profit after tax of N3.9 billion in FY 2022, up from N2.6 billion in FY 2021.

In light of the positive results, Dr. Oba Otudeko, the Chairman of the company, expressed his gratitude to shareholders and stakeholders for their continued support and confidence in Honeywell Flour Mills. He further reiterated the company's commitment to its growth strategies and to delivering value to its customers and shareholders.

Lanre Jaiyeola, the Managing Director of Honeywell Flour Mills, attributed the impressive financial performance to the dedication and hard work of the company's employees and the successful implementation of its strategic initiatives.

Overall, the AGM was a success, and the financial results for FY 2022 demonstrate Honeywell Flour Mills' resilience and commitment to providing value to its stakeholders.


Source: https://www.proshare.co/articles/honeywell-flour-mills-plc-holds-a-successful-annual-general-meeting-and-announces-a-24-increase-in-revenue-in-fy-2022?menu=Market&classification=Read&category=Stock+%26+Analyst+Updates

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