Honeywell Flour Mills Plc has reported a revenue of N277.1bn for the nine months ended December 31, 2024, reflecting a 123 per cent increase from the N124bn recorded in the corresponding period of 2023.

The company’s unaudited financial statements filed with the Nigerian Exchange Limited show that the surge in revenue contributed to a turnaround in profitability, as it posted a profit of N8.7bn, recovering from a loss of N9.2bn in the same period last year.

Despite a rise in selling and administrative expenses, which increased to N8.9bn from N4.1bn, the company’s gross profit rose to N28.5bn from N23.5bn in the prior year.

Finance costs declined by 58 per cent to N4bn from N9.4bn, while finance income increased to N2.8bn from N1.1bn. The company also recorded a foreign exchange loss of N8.6bn, an improvement from the N20.2bn loss reported in the previous year.

Profit before tax stood at N12.3bn, a sharp recovery from the N8.8bn loss recorded in 2023. However, taxation surged by 790 per cent to N3.5bn from N397m, bringing the company’s profit after tax to N8.7bn.

On the company’s financial position, total assets rose to N168bn as of December 31, 2024, compared to N149bn as of March 31, 2024.

Total equity also increased to N31.8bn from N22.9bn, driven by a rise in retained earnings, which stood at N1.8bn, up from a negative position of N7bn in March 2024.

Meanwhile, the company’s trade and other payables increased to N92.3bn from N82.1bn.

The PUNCH reported that Flour Mills of Nigeria Plc has obtained all required regulatory approvals to acquire a 71.69 per cent stake in Honeywell Flour Mills Plc, formerly a portfolio company of Honeywell Group, and a 5.06 per cent stake in HFMP held by First Bank of Nigeria Limited.