Honeywell Flour Mills has announced a loss amounting to 983 million naira for the year ended 31 March 2022. Representing a 188% decrease from 1.13 billion naira profit reported in the full year ended 31 March 2021.
The company on the Nigerian Exchange Limited (NGX) in its profit & loss figures
announced 172.14 million naira loss before tax in 2022 from 1.58 billion naira profit before tax reported in 2021, yesterday.
The losses reported by Honeywell Flour mills are due to a 32.9% hike in the cost of sales from 93.97 billion in 2021 to 124.86 billion naira in 2022. This spike was caused by a hike in raw and packaging materials consumed from 83 billion to 111 billion naira.
The company saw an increase in other operating income triggered by the sale of their product and net gain on the sale of property reaching 338 million naira during the period from 140 million naira. Selling and distributing expenses were 4.5 billion naira from 5.5 billion naira and general and administrative expenses were 2.68 billion naira from 2.57 billion naira.
Operating profit stood at 4.6 billion naira against 7.6 billion naira, and finance cost was 5.5 billion naira against 6 billion naira, while the operating loss before tax was valued at 172 million naira against 1.6 million naira.
The company last traded at N3.5 as of Friday the 27th, 2022, and its market cap stood at 27 billion naira.
