The board of directors of Honeywell Flour Mills (HFM) has recommended the payment of N1.3 billion as dividend for the year-ended March 31, 2013.

The payment will depend on approval by shareholders at the upcoming annual general meeting of the company.

The dividend, which translates to N0.16 kobo per share, is N0.1 kobo higher than the N0.15 kobo paid the previous year.

HFM disclosed the dividend recommendation in a notification to the Nigerian Stock Exchange (NSE).

Honeywell Flour Mills achieved superior performance in the year under consideration, in spite of the various operating challenges in the country.

Daily Trust learned that, the company was involved in various projects in the year under consideration, which had begun to positively impact on the business.

In the last one year, Honeywell Flour Mills Plc also made significant investments, not only in enhancing plant and machinery capacity but also in improving human capability through various overseas and local training, in technical and leadership development areas.

Its products which include Flour, Semolina, and Wheat Meal have continued to remain in demand while significant growth was also experienced in respect of the Pasta and Noodles products.

Source: Daily Trust