Honeywell Flour Mills Rewards Shareholders N1.59bn Dividend as Profit Rises 13%

By Àkànní Olúwaségún Michael

Honeywell Flour Mills Plc has declared a dividend of N1.59 billion for the financial year ended March 31, 2026, following an improvement in profitability despite a decline in revenue.

The flour milling company announced a dividend payout of 20 kobo per ordinary share after recording a profit after tax of N16.49 billion, representing a 13 per cent increase from N14.59 billion reported in the previous year.

The company’s audited financial statements showed that revenue declined by 3.4 per cent to N360.85 billion from N373.51 billion recorded in 2025. However, improved cost management and lower finance costs helped drive stronger earnings during the period.

Gross profit rose to N36.43 billion from N32.25 billion a year earlier, while profit before tax increased to N21.90 billion from N21.20 billion. Earnings per share also improved to 207.9 kobo from 183.96 kobo in the preceding year.

In its report to shareholders, the board stated that it had recommended “the payment of dividend of N1.59 billion, representing a dividend of N0.20 per ordinary share of 50 kobo each” for the reporting period.

The company’s balance sheet reflected a stronger financial position, with total equity increasing to N53.93 billion from N37.45 billion in the previous year. Retained earnings rose significantly to N24.12 billion from N7.63 billion, supported by the year’s profit performance.

Honeywell Flour Mills also expanded its asset base during the year, with total assets rising to N216.71 billion from N167.45 billion.

The company, which is majority owned by Golden Penny Foods through Ecowise Horizons Investments Limited, said it remains focused on the manufacturing and marketing of wheat-based products, including flour, semolina, whole wheat meal, noodles and pasta