Honeywell Flour Mills Plc has posted a profit after tax of N14.59bn for the financial year ended 31 March 2025, representing a 246 per cent increase compared to a loss of N10.12bn recorded in the previous year.

According to its audited financial statements filed with the Nigerian Exchange Limited on Monday, Honeywell Flour Mills experienced revenue growth of 98 per cent from N188.31bn in 2024 to N373.51bn in 2025, driven by a profitability turnaround.

The company also reported a profit before taxation of N21.2bn in contrast to a loss of N8.60bn in the previous year, indicating a 349 per cent improvement. It achieved a positive bottom-line performance despite a 119 per cent increase in the cost of sales, which rose to N341.26bn from N155.97bn.

Other incomes grew significantly to N4.92bn from N2.28bn, while finance income rose to N8.54bn compared to zero recorded in the prior year. On the other hand, finance costs dropped sharply by 85 per cent to N5.43bn from N36.26bn, easing pressure on the company’s net earnings.

Administrative expenses surged to N12.28bn from N3.51bn, while impairment losses on trade receivables increased significantly to N2.22bn from N165.48m.

Honeywell shareholders’ funds rose by 65 per cent to N37.45bn in 2025 from N22.86bn in 2024, while total assets increased by 13 per cent to N167.45bn.

Earnings per share for the year stood at 183.96 kobo, compared to a loss of 127.61 kobo per share recorded in the prior year. No dividend was declared for the reporting period.

The company’s share price on the Nigerian Exchange stood at N12.40 as of March 31, 2025, unchanged from the previous year but significantly higher than the N3.90 recorded in 2024.

The PUNCH reported that 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.