Honeywell Flour Mills Plc. (HFMP), has informed shareholders of its 10-year-plan to increase investment in innovative product development and advanced technology infrastructure, with continued focus on operational efficiency and local content development as the key strategic drivers for increasing shareholders value and growing market share during the next financial year.
The company reiterated its commitment to sustainable growth within the industry and the provision of affordable staple foods to Nigeria’s fast-growing population, during its 12th Annual General Meeting in Lagos.
Chairman of the Board of Directors, Dr Oba Otudeko, acknowledged the complexities of the past financial year while highlighting the company’s steady growth and its focus on the future.
According to him: “When the financial year 2020/2021 commenced, few could have imagined what the year had in store for the company and the world.
We responded by working collaboratively towards the execution of our corporate goals, guided by clear priorities; keeping our people safe and motivated, ensuring supply of our food products to consumers across the length and breadth of the country, and caring for the communities where we operate.
Despite the inevitable disruption to our business, we delivered a strong performance in very challenging circumstances.”
In respect of the future, Otudeko said, “While we expect market conditions to remain tough and the effects of COVID-19 may be with us for the foreseeable future, our company has shown the capacity to withstand shocks and emerge stronger.
And with consumer behaviour evolving faster than ever, we are adapting to this new reality by executing with speed in order to deliver competitive returns and meet the needs of our multiple stakeholders. We are committed to investing in the capabilities we need, the know-how and the talent to continue to create value.”
Managing Director Lanre Jaiyeola, said the company has continued to seek innovative solutions for feeding the ever-growing Nigerian population, using affordable and easily accessible foods, while simultaneously combating inflation and rising food prices.
“In the past financial year, we achieved record production and sales volumes driven by consumer food products which also achieved record sales volume.
Our investment in a new Pasta factory at Sagamu paid off greatly as we grew Pasta sales by over 40% to meet the generated demand for our Pasta products.,” he stated.
The company recorded an all-time high revenue of N109.5 billion, an increase of 36% over N80.4 billion for the financial year ending March 2021.
The Board recommended the payment of 7 kobo per share as dividend for the year subject to shareholders’ approval.
FY 2021 was the company’s best performing year ever revenue-wise as it crossed the N100 billion mark for the first time ever, joining an exclusive league of Nigerian companies with over N100 billion annual revenue.