Honeywell promises shareholders better returns

Honeywell Flour Mills Plc on Tuesday assured it shareholders of stronger returns in the future.

The company gave the assurance at its Annual General Meeting in Lagos, where the shareholders approved a dividend payout of N396. 509m.

The figure translates into five kobo per share.

The Chairman, Honeywell Flour Mills, Dr. Oba Otudeko, told the shareholders that the company had grappled with a challenging operating environment in the year under review.

He said, “Our company’s Board and management was able to manage the very harsh operating environment in a manner that resulted in financial result that is better than the industry average.”

According to him, the company has continued to demonstrate strong fundamentals and the agility to withstand the increasing competitive operating conditions.

Otudeko explained that Honeywell Flour Mills was clear about its vision to become the most admired African foods company, operating across the food value chain from farm to fork.

“We believe that the natural resources in Nigeria as well as the population base of the country give us an advantage for the achievement of our vision,” he said.

Commenting further on the company’s plans, he said, “The expected focus on economic and infrastructural development by the new government would lead to moderation in inflation, improved domestic productive capacity, increase in autonomous income and improved demand.

“This is expected to translate to improved performance for the company in 2016 and beyond.”

On his part, the company’s Managing Director, Mr. Olanrewaju Jaiyeola, explained that the company was optimistic of its growth prospect in the new financial year.

He said, “Our company is committed to the continuous achievement of business successes by maintaining its quality leadership in the flour milling industry.”

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Source : Punch

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