Honeywell Flour Mills, on Tuesday released its unaudited result for the third quarter ended December, 2017, just days hours the January 31, 2018 deadline, indicating improvement management as measured by the significantly faster growth in net profit than sales revenue for the period.
Turnover from sale for the period rose by N16.671bn or 43.9% from N37.974bn in the nine months of 2017, to N54.645bn; just as cost of sales jumped 55.56% or N15bn to N42.006bn, as against the N27.003bn reported in the corresponding period of 2017.
This left gross profit of N12.639bn, up from N10.971bn.
Other income improved from N48m to N145m; selling and administrative stood at N5.726bn from N5.218bn; leading operating profit at N7.058bn, compared to N5.801bn in the preceding third-quarter.
Finance cost dropped to N3.581bn from N4.146bn; just as finance income was nil, compared with previous N351m; following which net finance expense stood at N3.581bn, up from N1.655bn.
Profit before tax stood at N3.477bn from N1.656bn; while profit after tax came to N2.782bn, better by N1.459bn, or 110.27% from the N1.323bn reported in the corresponding period of 2017. The figure translated to Earnings Per Share of 35.08 kobo, up from 16.68 kobo.