Honeywell Flour Mills Plc has closed its 2026 financial year on a confident note, posting a profit after tax of N16.49 billion for the year ended 31 March 2026, a 13 per cent jump from the N14.59 billion recorded a year earlier. The company has also revealed that it will be rewarding shareholders with a dividend payout for the first time in two years.
The company proposed a dividend of 20 kobo per ordinary share, amounting to N1.59 billion in total distribution, a notable milestone given that no dividend was declared in the preceding financial year.
Revenue dipped 3.4 per cent to N360.85 billion from N373.51 billion in the prior year, reflecting softer sales performance during the period. However, the company more than offset that decline through tighter cost management. Cost of sales fell to N324.42 billion from N341.26 billion, pushing gross profit up to N36.43 billion from N32.25 billion.
Profit before tax also improved, rising to N21.90 billion from N21.20 billion, supported by stronger finance income which grew to N9.22 billion from N8.54 billion, while finance costs dropped to N3.90 billion from N5.43 billion. A lower tax charge further helped the bottom line, with income tax expense declining to N5.41 billion from N6.61 billion.
The balance sheet told an equally compelling story. Total assets climbed 29 per cent to N216.71 billion from N167.45 billion, while shareholders’ funds surged 43 per cent to N53.93 billion from N37.45 billion. Cash and cash equivalents also improved to N9.81 billion from N5.26 billion, strengthening the company’s liquidity position.
Earnings per share rose to 207.90 kobo from 183.96 kobo a year earlier, reflecting the stronger earnings accretion to shareholders.
Ecowise Horizons Investments Limited remained the company’s largest shareholder with a 77.75 per cent stake, while substantial shareholders collectively controlled 85.54 per cent of the issued share capital. Honeywell’s shares are currently trading at N18.20 per unit on the Nigerian Exchange, where the company has been listed since 2009.
The results affirm that Honeywell’s growth story, built on wheat-based staples including flour, semolina, noodles and pasta, remains fundamentally intact, even as the brand navigates a tighter revenue environment.
