Honeywell Flour grows profit by 1722% in 2020

Honeywell Flour made a huge leap in its profitability despite the challenging operating environment, its financial statement for the year ended March 2020, which was released on Wednesday, has shown.

The company profit-after-tax (PAT) was up 1722.11 per cent to N650.5 million in 2020, compared to N35.7million recorded last year..

Its revenue was better by 8.1 per cent to N80.5 billion as gross profit hitched up 20.4 per cent to N13.9 billion during this period.

It spent more on sale in 2019/2020 financial year, increasing 5.9 per cent to N66.6 billion instead of N62.9 billion it expended selling its products in the prior period, and operating expenses were also higher by 0.2 per cent to N85 billion this year.

Honeywell Flour’s inventory rose by 24.3 per cent to N17.5 billion, while trade and other receivables increased 25.8 per cent to N5 billion.

The company had more cash and cash equivalents by 15.5 per cent to N12.5 billion, while it borrowed 5.5 per cent to N5.83 billion during this period.

While its total assets stood at N142.3 billion, which was 3.5 per cent higher than the N137.5 billion that was its total worth in the 2019/2020 financial year.