L-R: Finance Director, Honeywell Flour Mills Plc., Mobolaji Fakayode; Managing Director, Honeywell Flour Mills Plc., Lanre Jaiyeola; Company Secretary, Honeywell Flour Mills Plc., Yewande Giwa and Supply Chain Director, Honeywell Flour Mills Plc., Tayo Ilori during Honeywell Flour Mills Plc's 12th Annual General Meeting at the Civic Centre, Lagos on Thursday, October 14, 2021.
During Honeywell Flour Mills Plc’s (HFMP )12th Annual General Meeting (AGM) which was held on Thursday, October 14, 2021, at Civic Centre, Lagos, the Managing Director, Lanre Jaiyeola, stated that the company will continue to focus on its competitive advantage and improve product offering for the next financial year.
“In the past financial year, we achieved record production and sales volumes driven by consumer food products. 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,” Jaiyeola revealed.
L-R: Shareholder, Honeywell Flour Mills Plc., Bisi Bakare; Shareholder, Honeywell Flour Mills Plc., Chief Timothy Adesinyan; Managing Director, Honeywell Flour Mills Plc., Lanre Jaiyeola; Company Secretary, Honeywell Flour Mills Plc., Yewande Giwa and Chairman, Audit Committee, Honeywell Flour Mills Plc., Adebayo Adeleke during Honeywell Flour Mills Plc's 12th Annual General meeting at the Civic Centre, Lagos on Thursday, October 14, 2021.
The learnings from the developments in the past 12 months have encouraged the company to sharpen its long-term strategic focus and embark on a 10-year journey towards creating even more value.
“Consequently, we have commenced a 10-year evolutionary journey that will see Honeywell Flour Mills transition to become Honeywell Foods. Our aim is to offer a portfolio of food products manufactured from a wide range of raw materials drawn from local sources that offer good nutrition and contribute to a healthier and balanced life for all Nigerians. Our aim also aligns with the Federal Government’s commitment to achieving the United Nation’s 2030 Agenda of Sustainable Development Goals that seeks to ensure access to safe, nutritious and sufficient food,” Jaiyeola stated.
The Chairman of the Board of Directors, Dr Oba Otudeko CFR, also looked to the future: “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 multiple stakeholders. We are committed to investing in the capabilities we need, the know-how and the talent to continue to create superior value.”
The company recorded an all-time high revenue of N109.5 billion in FY 2021, an increase of 36% over N80.4 billion In FY 2020. Increased production output, pioneering new ways of selling, developing relationships with new customers all over the country across traditional and modern trades, and more efficient operational capabilities at its factories in Apapa, Sagamu and Ikeja, were key contributing factors to the revenue increase. The company’s Operating Profit grew faster than revenue at 39%, from N5.4 billion in FY 2020 to N7.6 billion in FY 2021.
The Board recommended the payment of 7 kobo per share as dividend for the year which was approved by shareholders.
FY 2021 was HFMP’s best performing year ever as it crossed the 100-billion-mark for the first time ever, joining an exclusive league of Nigerian companies with over 100 billion Naira annual revenue.