By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Honeywell Flour Mills Plc on Monday said its post tax profit climbed up 516 percent to N462 million in the first quarter ended June 30, 2014, from N75 million recorded in the same period of 2013, according to a filing from the company to the Nigerian Stock Exchange.

Similarly, pretax profit went up 431.8 percent to N583 million in the Q1 of 2014 compared to N110 million reported in the corresponding period of 2013.

However, revenue declined slightly by 0.7 percent to N13.191 billion from N13.282 billion in the same period of 2013.

The flour miller for the three-month period ended June 30, 2013 said its basis earnings per share was up by 520 per cent year-on-year (Y-oY) from 0.94 kobo to N5.83 in the review period.

As earlier reported shareholders of the company had at its 5th annual general meeting (AGM), held in Lagos last week, approved the payment of a dividend of N17.00 per share amounting to N1.34 billion for the financial year ended March 31, 2013.

Oba Otudeko, chairman of Honeywell Flour Mills said the company had been repositioned to overcome the challenges of a tough operating environment to boost its profits.

‘’Due to automation of several operational processes and better treasury management, which led to general improvement in efficiency, Honeywell Flour Mills was able to, in the financial year ended March 31, 2013, grow its profit after tax by 18 percent to N3.5 billion – from N2.8 billion the previous year.

A further review of Honeywell Flour Mills 2013 accounts show that the company’s pretax profit increased 11 percent to N4.237 billion; while revenue appreciated by 20.5 percent to N55.084 billion in the review period.

“Our focus remains the creation of value for shareholders and increasing the quantum of dividends paid to our equity owners on a sustainable basis,” Otudeko said.